ACET Adicet Bio Inc.

13.18
-0.24  -2%
Previous Close 13.42
Open 13.18
52 Week Low 9.71
52 Week High 21.7
Market Cap $258,193,933
Shares 19,589,828
Float 27,844,769
Enterprise Value $15,506,700
Volume 67,459
Av. Daily Volume 125,230
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Latest News

    • Initiated Phase 1 Trial of ADI-001 for the Treatment of B Cell Non-Hodgkin's Lymphoma (NHL), interim clinical data expected in late 2021
    • Successfully raised $143.8 million in net proceeds through a public offering and concurrent private placement to advance a pipeline of CAR gamma-delta T cell therapies

    MENLO PARK, Calif. and BOSTON, May 17, 2021 (GLOBE NEWSWIRE) -- 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 financial results for the first quarter ended March 31, 2021.

    "The first quarter of 2021 has been highly productive for Adicet both on the financial and clinical fronts. The successful execution of…

    • Initiated Phase 1 Trial of ADI-001 for the Treatment of B Cell Non-Hodgkin's Lymphoma (NHL), interim clinical data expected in late 2021
    • Successfully raised $143.8 million in net proceeds through a public offering and concurrent private placement to advance a pipeline of CAR gamma-delta T cell therapies

    MENLO PARK, Calif. and BOSTON, May 17, 2021 (GLOBE NEWSWIRE) -- 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 financial results for the first quarter ended March 31, 2021.

    "The first quarter of 2021 has been highly productive for Adicet both on the financial and clinical fronts. The successful execution of our capital raise, and the initiation of the Phase 1 trial of our lead product candidate, ADI-001, being evaluated for the treatment of NHL, have put us in a strong position to continue to build upon our ongoing momentum through the rest of the year," said Chen Schor, President and Chief Executive Officer of Adicet Bio. "We look forward to reporting interim clinical data from the Phase 1 study of ADI-001 later this year as well as continuing to develop our pipeline of "off-the-shelf" gamma delta T cell product candidates for the treatment of solid and hematologic tumors."

    First Quarter & Recent Business Updates:

    • Appointed Dr. Blake Aftab as Vice President of Research. In April 2021, Adicet announced the appointment of Blake Aftab, Ph.D., as Vice President of Research and Development. Dr. Aftab will lead Adicet's research group and further progress the Company's gamma delta T cell platform and pipeline of programs. Dr. Aftab has nearly 20 years of rich experience in academia, biotech and the pharmaceutical industry developing multiple therapeutic modalities including cell therapies, small molecules, biologics and antibody-drug conjugates through all stages of drug development. Dr. Aftab succeeds Dr. Stewart Abbot who will be stepping down from his role as Chief Scientific Officer and moving to an advisory role with the Company.
    • Initiated Phase 1 Trial of ADI-001 for the Treatment of NHL. In March 2021, Adicet announced the initiation of its first-in-human Phase I clinical trial evaluating ADI-001, an investigational first-in-class allogeneic gamma delta T cell therapy expressing a chimeric antigen receptor (CAR) targeting CD20, for the treatment of NHL. ADI-001 is believed to be the first IND-cleared allogeneic CAR gamma-delta T cell therapy to reach human trials. Patient dosing has commenced in the Phase I trial to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of ADI-001, and to determine optimal dosing as a monotherapy. Preliminary safety and tolerability data expected by the end of 2021.

    • Appointed Andrew Sinclair, Ph.D., to the Company's Board of Directors. In March 2021, Adicet announced the appointment of Andrew Sinclair, Ph.D., to its Board of Directors. Dr. Sinclair is currently a partner and portfolio manager at Abingworth LLP, where he has served in various positions focusing on investments in public and private biotech and pharmaceutical companies.

    • Successfully raised $143.8 million in net proceeds through a public offering and concurrent private placement. In February 2021, Adicet successfully completed a capital financing of $152 million in aggregate gross proceeds. After deducting underwriting discounts and commissions and offering expenses, the Company received $143.8 million of net proceeds. The Company plans to utilize the net proceeds from the financing to advance its gamma delta T cell therapies.

    Financial Results for First Quarter 2021:

    • Research and Development (R&D) Expenses: R&D expenses were $11.7 million for the three months ended March 31, 2021, compared to $7.0 million during the same period in 2020. The $4.7 million increase is primarily driven by an increase of $2.7 million of payroll and personnel expenses due to increases in headcount of employees involved in research and development activities, an increase of $1.3 million incurred for contract research organizations and consultant costs due to ramping up of clinical development activities related to our first product candidate, ADI-001 and an increase of $0.7 million in facility and other expenses. Payroll and personnel expenses for the three months ended March 31, 2021 includes $1.5 million of non-cash stock-based compensation expense compared to $0.1 million during the same period in 2020.
    • General and Administrative (G&A) Expenses: G&A expenses were $5.6 million for the three months ended March 31, 2021, compared to $2.5 million during the same period in 2020. The $3.1 million increase is primarily driven by an increase of $1.5 million of payroll and personnel expenses, an increase of $0.4 million of professional fees for legal, consulting, accounting, tax and other services, and an increase of $1.1 million in facility and other expenses. Payroll and personnel expenses for the three months ended March 2021 includes $1.4 million of non-cash stock-based compensation expense compared to $0.2 million during the same period in 2020.
    • Net Loss: Net loss attributable to common shareholders for the three months ended March 31, 2021 was $21.3 million, or a net loss of $0.82 per basic and diluted share, including non-cash stock-based compensation expense of $3.0 million, as compared to a net loss of $4.5 million during the same period in 2020, or a net loss of $2.07 per basic and diluted share, including non-cash stock-based compensation expense of $0.3 million.
    • Cash and Marketable Debt Securities Position: Cash and cash equivalents and marketable debt securities were $223.4 million as of March 31, 2021, compared to $94.6 million as of December 31, 2020. The Company expects that current cash, cash equivalents and marketable securities as of March 31, 2021 will be sufficient to fund its operating expenses through the beginning of the second half of 2023.

    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 antibodies 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 or expectations for ADI-001 and ADI-002 and potential therapeutic effects of ADI-001 and ADI-002, the timing and outcome of discussions with FDA and other regulatory agencies, expectations regarding the design, implementation, timing, and success of its current and future clinical studies of ADI-001, and ADI-002 including whether they are pivotal or would support registration, expectations regarding its other CAR T cell therapy development activities, Adicet's growth as a company and the anticipated contribution of the members of its board of directors to its operations and progress, and its expectations regarding its uses of capital, expenses, future accumulated deficit and other first quarter 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 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

    Janhavi Mohite

    Stern Investor Relations, Inc.

    212-362-1200

    Adicet Bio, Inc.

    Consolidated Statements of Operations and Comprehensive Loss

    (in thousands, except share and per share amounts)

    (unaudited)

     Three Months Ended March 31,
      2021   2020 
    Revenue—related party$(3,981) $2,000 
    Operating expenses:   
    Research and development 11,743   7,033 
    General and administrative 5,630   2,524 
    Total operating expenses 17,373   9,557 
    Loss from operations (21,353)  (7,557)
    Interest income 41   322 
    Interest expense (50)   
    Other income (expense), net (4)  70 
    Loss before income tax benefit (21,367)  (7,165)
    Income tax expense (benefit) (48)  (2,679)
    Net loss$(21,319) $(4,486)
    Net loss per share attributable to common stockholders, basic and diluted$(0.82) $(2.07)
    Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 26,099,954   2,163,440 



    Adicet Bio, Inc.

    Balance Sheet Data

    (in thousands)

    (unaudited)

         
      March 31,

    2021
     December 31,

    2020




    Cash, cash equivalents and marketable debt securities
     $223,420  $94,614 
    Working capital  203,923   77,857 
    Total assets  282,073   153,835 
    Contract liabilities—related party  17,961   13,980 
    Accumulated deficit  (127,644)  (106,325)
    Total stockholders' equity  236,259   109,827 

     



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  1. MENLO PARK, Calif., April 29, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today announced that Chen Schor, President and Chief Executive Officer, will present at the 7th Annual Truist Securities Life Sciences Summit on Tuesday, May 4, 2021 at 2:40 PM ET.

    A live audio webcast of the fireside chat can be accessed on the Investors section of Adicet Bio's website at https://investor.adicetbio.com. An archived replay will be available for 30 days following the presentation.

    About Adicet Bio, Inc.
    Adicet Bio, Inc. is a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for…

    MENLO PARK, Calif., April 29, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today announced that Chen Schor, President and Chief Executive Officer, will present at the 7th Annual Truist Securities Life Sciences Summit on Tuesday, May 4, 2021 at 2:40 PM ET.

    A live audio webcast of the fireside chat can be accessed on the Investors section of Adicet Bio's website at https://investor.adicetbio.com. An archived replay will be available for 30 days following the presentation.

    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 antibodies 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.

    Adicet Bio., Inc.

    Investor and Media Contacts

    Anne Bowdidge

    Janhavi Mohite

    Stern Investor Relations, Inc.

    212-362-1200



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  2. MENLO PARK, Calif., April 15, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today announced that Chen Schor, President and Chief Executive Officer, will be participating in a panel discussion at the Canaccord Genuity 2021 Horizons in Oncology Virtual Conference.

    Details of the event are as follows:
    Panel:Gamma Delta CART-Cells, and "Squeezed" T-cells
    Date:Thursday, April 15, 2021
    Time:1:00 – 1:55 PM ET
    Format:Panel moderated by John Newman, Ph.D., Managing Director, Biotechnology Analyst

    About Adicet Bio, Inc.
    Adicet Bio, Inc. is a biotechnology company discovering and developing allogeneic gamma delta T cell therapies…

    MENLO PARK, Calif., April 15, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today announced that Chen Schor, President and Chief Executive Officer, will be participating in a panel discussion at the Canaccord Genuity 2021 Horizons in Oncology Virtual Conference.

    Details of the event are as follows:
    Panel:Gamma Delta CART-Cells, and "Squeezed" T-cells
    Date:Thursday, April 15, 2021
    Time:1:00 – 1:55 PM ET
    Format:Panel moderated by John Newman, Ph.D., Managing Director, Biotechnology Analyst

    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 antibodies 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.

    Adicet Bio., Inc.

    Investor and Media Contacts

    Anne Bowdidge

    Janhavi Mohite

    Stern Investor Relations, Inc.

    212-362-1200



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    View Full Article Hide Full Article
  3. MENLO PARK, Calif. and BOSTON, April 13, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today announced the appointment of Blake Aftab, Ph.D., as Vice President of Research. Dr. Aftab will lead Adicet's research group and will further develop existing and new opportunities for the Company's gamma delta T cell platform.

    "We are very excited to have Blake join Adicet, and lead our research team as we advance the clinical development of ADI-001 and rapidly develop a deep pipeline of "off-the-shelf" gamma delta T cell therapies," said Stewart Abbot, Chief Scientific and Operating Officer of Adicet. "Blake has…

    MENLO PARK, Calif. and BOSTON, April 13, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today announced the appointment of Blake Aftab, Ph.D., as Vice President of Research. Dr. Aftab will lead Adicet's research group and will further develop existing and new opportunities for the Company's gamma delta T cell platform.

    "We are very excited to have Blake join Adicet, and lead our research team as we advance the clinical development of ADI-001 and rapidly develop a deep pipeline of "off-the-shelf" gamma delta T cell therapies," said Stewart Abbot, Chief Scientific and Operating Officer of Adicet. "Blake has committed his career, with notable success, to researching and developing cell therapies across a variety of indications including oncology, infectious disease, and autoimmune conditions, while also building strong associations with academic and industry leaders. His expertise in the allogeneic T cell therapy landscape will further enable Adicet to advance its product candidates into the clinic and expand its pipeline of ‘off-the-shelf' gamma delta T cell product candidates."

    "I'm delighted to join Adicet at this exciting time for the company, with ADI-001 progressing into clinical development," said Dr. Aftab. "I believe the Company's novel targeting approach and 'off-the-shelf' gamma delta T cell platform positions Adicet to provide potentially transformative treatment options for patients. I look forward to working with the team to translate the promise of Adicet's science and technology platform toward medicines that improve the lives of patients suffering from solid and hematologic malignancies."

    Dr. Aftab has nearly 20 years of rich experience in academia, biotech and pharmaceutical industries developing multiple therapeutic modalities including small molecules, biologics, antibody-drug conjugates and cell therapies through all stages drug development. He joins Adicet from Atara Biotherapeutics, Inc., a publicly traded immunotherapy company, where, as Vice President and Head of Preclinical Science and Translational Medicine, he contributed to the company's initial transition to cell therapy and led the focus on developing Allo-CAR T cell capabilities. Previously, Dr. Aftab led multiple research programs at University of California, San Francisco focused on drug discovery and clinical translation in multiple myeloma, including early research supporting targeted approaches for CD38 and other impactful targets of interest for CAR-T therapies. Dr. Aftab received his Ph.D. from The Johns Hopkins University School of Medicine and holds a B.Sc. in Pharmacology and Drug Discovery, from The University of California, Santa Barbara.

    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 antibodies 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 Adicet's advancement of ADI-001 for the treatment of B cell non-Hodgkin's lymphoma, including future plans or expectations as well as the expected potential therapeutic effects, Adicet's growth as a company and the anticipated contribution of its executives to Adicet's operations and progress, and expectations regarding its other CAR gamma delta T cell therapy development activities.

    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 our business and financial results, including with respect to disruptions to our 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; Adicet's ability to discover and develop additional product candidates; 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; and the company's estimates regarding expenses, future revenue, and capital requirements. 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

    Janhavi Mohite

    Stern Investor Relations, Inc.

    212-362-1200



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    • Received IND clearance and initiated first-in-human Phase 1 clinical trial for lead asset, ADI-001, an anti-CD20 allogeneic CAR gamma-delta T cell therapy, interim clinical data expected in 2021
    • Successfully raised $143.6 million in net proceeds through a public offering and concurrent private placement to advance a pipeline of CAR gamma-delta T cell therapies

    MENLO PARK, Calif. and BOSTON, March 11, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2020.

    "Over the past year, Adicet achieved several…

    • Received IND clearance and initiated first-in-human Phase 1 clinical trial for lead asset, ADI-001, an anti-CD20 allogeneic CAR gamma-delta T cell therapy, interim clinical data expected in 2021
    • Successfully raised $143.6 million in net proceeds through a public offering and concurrent private placement to advance a pipeline of CAR gamma-delta T cell therapies

    MENLO PARK, Calif. and BOSTON, March 11, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2020.

    "Over the past year, Adicet achieved several development and operational milestones including the initiation of our first-in-human Phase 1 for ADI-001 for the treatment of B cell non-Hodgkin's lymphoma, the completion of our merger with resTORbio, and the expansion of our leadership team with the appointments of Nick Harvey as Chief Financial Officer, Dr. Don Healey as Chief Technology Officer and Dr. Bastiano Sanna and Dr. Andrew Sinclair to our Board of Directors," said Chen Schor, President and Chief Executive Officer of Adicet. "Recently, we successfully raised significant capital to support further development of our robust pipeline comprising of gamma delta T cell therapies. These accomplishments have put us in a strong position to execute on our Phase 1 study of ADI-001, with interim clinical data expected in 2021, and expand our pipeline of "off-the-shelf" gamma delta T cell therapies that will potentially provide for a targeted, durable, and on demand treatment option for solid and hematologic tumors."

    Full Year 2020 & Recent Business Updates:

    • Successfully raised $143.6 million in net proceeds through a public offering and concurrent private placement. In February 2021, Adicet Bio successfully completed a capital financing of $152 million in aggregate gross proceeds. After deducting underwriting discounts and commissions and offering expenses, the Company received $143.6 million of net proceeds. The Company plans to utilize the net proceeds from the financing to advance its gamma delta T cell therapies.

    • Appointed two new members to the Company's Board of Directors. In December 2020, Adicet announced the appointment of Bastiano Sanna, Ph.D., to its Board of Directors. Dr. Sanna brings significant expertise in advancing research, development and manufacturing of cell therapies. He currently serves as Executive Vice President and Chief of Cell and Genetic Therapies at Vertex Pharmaceuticals. In March 2021, Adicet announced the appointment of Andrew Sinclair, Ph.D., to its board of directors. Dr. Sinclair brings significant financial and scientific experience amassed through his career. He currently serves as a partner and portfolio manager at Abingworth LLP, a life sciences investment group.

    • Strengthened the management team with the appointment of Nick Harvey as Chief Financial Officer and Dr. Don Healey as Chief Technology Officer.

    In September 2020, Adicet announced the appointment of Nick Harvey as Chief Financial Officer. Mr. Harvey leads the execution of the Company's financial strategy, as well as manages activities related to accounting, capital markets and business operations. He brings over two decades of experience in financial operations, capital markets, investor relations and M&A transactions to the Adicet team, as well as extensive experience managing the corporate growth of life sciences companies.

    In October 2020, Adicet announced the appointment of Don Healey, Ph.D., as Chief Technology Officer. Dr. Healey leads the development of Adicet's genetically-modified T cell therapies for clinical development and commercialization, including manufacturing, viral vector operations and analytics. Dr. Healey brings nearly two decades of experience in cell therapy development and manufacturing to the Adicet team.

    • Completed merger with resTORbio. In September 2020, Adicet announced the completion of its merger with resTORbio, Inc. and commenced trading under the ticker symbol "ACET" on the Nasdaq Global Market on September 16, 2020.

    • Received $10 million product development milestone from Regeneron. In August 2020, Adicet received a $10 million milestone payment associated with ADI-002 meeting key preclinical development goals, in accordance with the terms of its strategic collaboration with Regeneron.

    Financial Results for Fourth Quarter and Full Year 2020:

    Three months Ended December 31, 2020

    • Research and Development (R&D) Expenses: R&D expenses were $9.7 million for the three months ended December 31, 2020, compared to $6.5 million during the same period in 2019. The $3.2 million increase is primarily driven by an increase of $1.7 million in payroll and personnel expenses due to increases in headcount of employees involved in research and development activities and an increase of $1.3 million in fees incurred for CRO and consultant costs due to initiating and ramping up clinical development activities related to our first product candidate ADI-001. Payroll and personnel expenses for the three months ended December 31, 2020 includes $0.6 million of non-cash stock-based compensation expense compared to $0.1 million during the same period in 2019.

    • General and Administrative (G&A) Expenses: G&A expenses were $5.1 million for the three months ended December 31, 2020, compared to $2.6 million during the same period in 2019. The $2.5 million increase is primarily driven by an increase of $1.0 million of payroll and personnel expenses, an increase of $0.7 million of professional fees for legal, consulting, accounting, tax and other services, and an increase of $0.8 million in facility and other expenses. Payroll and personnel expenses for the three months ended December 2020 includes $1.1 million of non-cash stock-based compensation expense compared to $0.2 million during the same period in 2019.

    • Net Loss: Net loss attributable to common shareholders for the three months ended December 31, 2020 was $9.0 million, or a net loss of $0.46 per basic and diluted share, including non-cash stock-based compensation expense of $1.6 million, as compared to a net loss of $6.6 million during the same period in 2019, or a net loss of $3.05 per basic and diluted share, including non-cash stock-based compensation expense of $0.3 million.

    Twelve Months Ended December 31, 2020

    • Research and Development (R&D) Expenses: R&D expenses were $34.3 million for the year ended December 31, 2020, as compared to $23.7 million for year ended December 31, 2019. The increase of $10.6 million in R&D expenses year-over-year was primarily due to an increase of $5.3 million related to payroll and personnel expenses due to increases in headcount of employees involved in research and development activities and an increase of $4.6 million in fees incurred for CMO, CRO and consultant costs due to initiating and ramping up manufacturing and clinical development activities related to our first product candidate ADI-001.
    • General and Administrative (G&A) Expenses: G&A expenses were $22.8 million for the year ended December 31, 2020, compared to $8.7 million for the year ended December 31, 2019. The increase was primarily due to an increase of $7.1 million of professional fees for legal, consulting, accounting, tax and other services related to transaction costs incurred in connection with the merger with resTORbio, an increase of $4.1 million of facilities and other expenses and an increase of $2.7 million of non-cash stock compensation expense.
    • Net Loss: Net loss attributable to common shareholders for the year ended December 31, 2020 was $36.7 million, or a net loss of $5.01 per basic and diluted share, including non-cash stock-based compensation expense of $5.3 million, as compared to a net loss of $28.1 million during the same period in 2019, or a net loss of $13.15 per basic and diluted share, including non-cash stock-based compensation expense of $1.2 million.  
    • Cash and Marketable Debt Securities Position: Cash, cash equivalents and marketable debt securities were $94.6 million as of December 31, 2020 as compared to $62.4 million as of December 31, 2019. In February 2021, the Company successfully completed a capital financing of $152 million in aggregate gross proceeds. The Company expects that current cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses at least into second half of 2023.

    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 antibodies 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 or expectations for ADI-001 and ADI-002 and potential therapeutic effects of ADI-001 and ADI-002, the timing and outcome of discussions with FDA and other regulatory agencies, expectations regarding the design, implementation, timing, and success of its current and future clinical studies of ADI-001, including whether they are pivotal or would support registration, expectations regarding its other CAR T cell therapy development activities, Adicet's growth as a company and the anticipated contribution of the members of its board of directors to its operations and progress, and its expectations regarding its uses of capital, expenses, future accumulated deficit and other fourth quarter and year end 2020 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 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.  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

    Janhavi Mohite

    Stern Investor Relations, Inc.

    212-362-1200

    Adicet Bio, Inc.

    Consolidated Statements of Operations and Comprehensive Loss

    (unaudited)

    (in thousands, except share and per share amounts)

     Three Months Ended December 31, Year ended December 31,
      2020   2019   2020   2019 




    Revenue—related party
    $5,410  $1,969  $17,903  $995 
    Operating expenses:       
    Research and development 9,683   6,523   34,334   23,691 
    General and administrative 5,076   2,623   22,760   8,692 
    Total operating expenses 14,759   9,146   57,094   32,383 
    Loss from operations (9,349)  (7,177)  (39,191)  (31,388)
    Interest income 81   377   785   938 
    Interest expense (50)     (134)   
    Other income (expense), net 221   240   (953)  2,331 
    Loss before income tax benefit (9,097)  (6,560)  (39,493)  (28,119)
    Income tax expense (benefit) (139)  18   (2,815)  19 
    Net loss$(8,958) $(6,578) $(36,678) $(28,138)
    Net loss per share attributable to common stockholders, basic and diluted$(0.46) $(3.05) $(5.01) $(13.15)
    Weighted-average shares used in computing net

    loss per share attributable to common

    stockholders, basic and diluted
     19,618,469   2,154,790   7,319,977   2,138,973 



         

    Adicet Bio, Inc.

    Balance Sheet Data

    (unaudited)

    (in thousands)

      December 31,
       2020   2019 




    Cash, cash equivalents and marketable debt securities
     $94,614  $72,988 
    Working capital  77,857   49,321 
    Total assets  153,835   81,587 
    Contract liabilities—related party  13,980   21,883 
    Accumulated deficit  (106,325)  (69,647)
    Total stockholders' equity (deficit)  109,827   (60,366)
         



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