Adicet Bio, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
ACET$3.05+4.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001720580-26-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001720580-26-000050
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 108 previous paragraphs and 121 current paragraphs.
92 unchanged; 15 reworded; 8 added; 1 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
The Company is developing a differentiated in vivo CAR-T platform and pipeline targeting hematologic malignancies and solid tumors. A comprehensive update on the platform and pipeline is anticipated in the second half of 2026.
Current report
Comparison of the Six Months Ended June 30, 2026 and 2025
Current report
Research and development
Current report
General and administrative
Current report
Interest income
Current report
Other expense, net
Current report
Other expense, net decreased by $0.2 million, or 77%, during the six months ended June 30, 2026 as compared to the same period in 2025. This was due to losses from disposals of property and equipment recognized in 2025.
Current report
Net cash provided by financing activities was $0.2 million for the six months ended June 30, 2025, which was primarily related to net proceeds from the issuance of common stock in connection with our employee stock purchase plan. This was partially offset by cash paid for taxes withheld on the net share settlement of equity awards.
Removed paragraphs (1)
Previous report
Additional Early-Stage Programs (CAR and Other Technologies)
Reworded paragraphs (15)
Previous wording
In October 2025, we announced positive preliminary results from seven SLE and LN patients dosed in our ongoing Phase 1 trial of prula-cel in autoimmune diseases as of the August 31, 2025 data cut-off date. We plan to meet with the FDA in the second quarter of 2026 to inform potential pivotal trial design. Subject to regulatory clearance to proceed, we expect to initiate start up activities for a potential pivotal program in LN or LN and SLE patients in the second half of 2026. We plan to provide a clinical update for this trial in LN and SLE patients in mid-2026, including data from at least 20 patients with a minimum of six months of follow up, with an additional update in the second half of 2026. We expect to provide a clinical update in patients with SSc in the second half of 2026.
Current wording
In October 2025, we announced positive preliminary results from seven SLE and LN patients dosed in our ongoing Phase 1 trial of prula-cel in autoimmune diseases as of the August 31, 2025 data cut-off date. We plan to provide a comprehensive clinical update for this trial in LN and SLE patients in the third quarter of 2026, including data from 22 patients with LN and SLE (16 LN/ 6 SLE), with a minimum of six months follow-up, including 13 patients with at least 12 months of follow-up. Based on recent interactions with the FDA, we are advancing a potential pivotal trial design in LN and supporting planned start-up activities for a pivotal program anticipated to commence in the second half of 2026, subject to regulatory clearance. The Company plans to provide more details on the potential pivotal trial design in the third quarter of 2026. In addition, in the second half of 2026 we expect to report data evaluating prula-cel in patients with SSc.
Previous wording
We are advancing ADI-212, a next-generation gene-edited and armored clinical candidate designed to target prostate-specific membrane antigen. ADI-212 is engineered to express a novel CAR binder designed to support enhanced tolerability and tumor-specific recognition. It integrates membrane-tethered IL-12 (mbIL-12) armoring and CRISPR/Cas9 mediated disruption of subunit 12 of the mediator complex (MED12) to enhance potency in solid tumors and deliver multiple anti-tumor mechanisms of action within the tumor microenvironment. We expect to submit a regulatory filing for ADI-212 for the treatment of metastatic castration-resistant prostate cancer (mCRPC) in the third quarter of 2026. Subject to regulatory clearance to proceed with a clinical trial, we plan to initiate patient enrollment in the fourth quarter of 2026. We believe the potential market opportunity for ADI-212 in mCRPC is significant based on the prevalence in the U.S., EU5, China and Japan of approximately 75,000 patients with second or third line advanced disease.
Current wording
We are advancing ADI-212, a next-generation gene-edited and armored clinical candidate designed to target prostate-specific membrane antigen. ADI-212 is engineered to express a novel CAR binder designed to support enhanced tolerability and tumor-specific recognition. It integrates membrane-tethered IL-12 (mbIL-12) armoring and CRISPR/Cas9 mediated disruption of subunit 12 of the mediator complex (MED12) to enhance potency in solid tumors and deliver multiple anti-tumor mechanisms of action within the tumor microenvironment. We expect to submit a regulatory filing for a clinical trial of ADI-212 for the treatment of metastatic castration-resistant prostate cancer (mCRPC) in the third quarter of 2026. Subject to regulatory clearance to proceed with a clinical trial, we plan to initiate patient enrollment in the fourth quarter of 2026. We believe the potential market opportunity for ADI-212 in mCRPC is significant based on the prevalence in the U.S., EU5, China and Japan of approximately 75,000 patients with second or third line advanced disease.
Previous wording
Our pipeline also includes additional early-stage gamma delta T cell therapy programs for autoimmune diseases, hematological malignancies and solid tumors. Additionally, we have ongoing preclinical programs and activities focused on a differentiated in vivo CAR-T platform targeting heme malignancies.
Current wording
In Vivo CAR-T Program and Pipeline
Previous wording
General and administrative expenses decreased by $3.0 million, or 42%, during the three months ended March 31, 2026 as compared to the same period in 2025. The decrease in general and administrative expenses was due to a decrease in payroll and personnel related expenses of $1.4 million primarily related to a decrease in stock-based compensation and lower headcount, a $1.0 million decrease in allocated facility-related expenses and a $0.6 million decrease in professional fees.
Current wording
General and administrative expenses decreased by $0.1 million, or 3%, during the three months ended June 30, 2026 as compared to the same period in 2025. The decrease in general and administrative expenses was due to a decrease in payroll and personnel related expenses of $0.9 million primarily related to a decrease in stock-based compensation and lower headcount and a $0.4 million decrease in professional fees. The decrease was partially offset by a $1.2 million increase in allocated facility-related expenses.
Previous wording
Interest income decreased by $0.3 million, or 20% during the three months ended March 31, 2026 as compared to the same period in 2025, which was primarily due to lower interest rates and lower cash balances for the period.
Current wording
Interest income decreased by $0.2 million, or 16% during the three months ended June 30, 2026 as compared to the same period in 2025, which was primarily due to lower interest rates and lower cash balances for the period.
Previous wording
Other expense, net decreased by less than $0.1 million, or 158%, during the three months ended March 31, 2026 as compared to the same period in 2025. This was due to a decrease in state franchise taxes and realized losses related to foreign exchange rates.
Current wording
Other expense, net decreased by $0.2 million, or 73%, during the three months ended June 30, 2026 as compared to the same period in 2025. This was due to a decrease in state franchise taxes and losses from disposals of property and equipment recognized in 2025.
Previous wording
Research and development expenses decreased by $5.3 million, or 23%, during the three months ended March 31, 2026 as compared to the same period in 2025. The decrease in research and development expenses was primarily due to a $3.6 million decrease in payroll and personnel expenses due to lower headcount, a $1.4 million decrease in expenses related to lab supplies and materials, a $0.5 million decrease related to lower CRO expenses and a $0.2 million decrease in allocated facility-related expenses. The decrease was partially offset by a $0.4 million increase in professional fees.
Current wording
Research and development expenses decreased by $15.3 million, or 30%, during the six months ended June 30, 2026 as compared to the same period in 2025. The decrease in research and development expenses was primarily due to a $6.5 million decrease in payroll and personnel expenses due to lower headcount, a $4.5 million decrease related to lower CRO expenses due to no new enrollment of patients, a $2.2 million decrease in expenses related to lab supplies and materials and a $2.4 million decrease in allocated facility-related expenses. The decrease was partially offset by a $0.3 million increase in professional fees.
Previous wording
As of March 31, 2026, we had cash, cash equivalents and short-term investments of $137.6 million and restricted cash of $2.9 million held in cash collateral accounts. We expect that our cash, cash equivalents and short-term investments will be sufficient to fund our forecasted operating expenses, capital expenditure requirements and debt service payments for at least the next twelve months from the issuance of our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
Current wording
As of June 30, 2026, we had cash, cash equivalents and short-term investments of $118.2 million and restricted cash of $2.9 million held in cash collateral accounts. We expect that our cash, cash equivalents and short-term investments will be sufficient to fund our forecasted operating expenses, capital expenditure requirements and debt service payments for at least the next twelve months from the issuance of our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
Previous wording
We have incurred losses since inception and have incurred losses of $20.2 million and $28.2 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $634.9 million.
Current wording
We have incurred losses since inception and have incurred losses of $41.6 million and $59.4 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $656.3 million.
Previous wording
As of March 31, 2026, we had cash, cash equivalents, and short-term investments in treasury securities of $137.6 million. We believe that our cash, cash equivalents and short-term investments in treasury securities will be sufficient for us to fund our operations for at least twelve months from the issuance date of our unaudited consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. We have based these estimates on assumptions that may prove to be wrong, and we could deplete our available capital resources sooner than we expect. Because of the risks and uncertainties associated with research, development, and commercialization of product candidates, we are unable to estimate the exact amount of our working capital requirements.
Current wording
As of June 30, 2026, we had cash, cash equivalents, and short-term investments in treasury securities of $118.2 million. We believe that our cash, cash equivalents and short-term investments in treasury securities will be sufficient for us to fund our operations for at least twelve months from the issuance date of our unaudited consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. We have based these estimates on assumptions that may prove to be wrong, and we could deplete our available capital resources sooner than we expect. Because of the risks and uncertainties associated with research, development, and commercialization of product candidates, we are unable to estimate the exact amount of our working capital requirements.
Previous wording
Net cash used in operating activities was $21.5 million for the three months ended March 31, 2026. Cash used in operating activities consisted of net loss partially offset by non-cash adjustments of $2.6 million, and a net decrease in operating assets and liabilities of $3.8 million. Non-cash items primarily included depreciation and amortization of $1.3 million, stock-based compensation expense of $1.3 million, non-cash lease expense of $0.7 million and a net amortization of premiums and accretion discounts on investments of $0.8 million. The net change in assets and liabilities was primarily due to a decrease in accounts payable of $1.8 million, a net decrease in accrued and other current and non-current liabilities of $1.1 million, a decrease in operating lease liability of $0.8 million and a decrease in prepaid expenses of $0.1 million offset by an increase in other current assets of less than $0.1 million.
Current wording
Net cash used in operating activities was $41.3 million for the six months ended June 30, 2026. Cash used in operating activities consisted of net loss partially offset by non-cash adjustments of $5.4 million, and a net decrease in operating assets and liabilities of $5.1 million. Non-cash items primarily included depreciation and amortization of $2.5 million, stock-based compensation expense of $2.7 million, non-cash lease expense of $1.5 million and a net amortization of premiums and accretion discounts on investments of $1.4 million. The net change in assets and liabilities was primarily due to a decrease in accounts payable of $1.1 million, a net decrease in accrued and other current and non-current liabilities of $1.9 million, a decrease in operating lease liability of $1.9 million, a decrease in prepaid expenses of $0.2 million and a decrease in other current assets of less than $0.1 million.
Previous wording
Net cash used in operating activities was $25.4 million for the three months ended March 31, 2025. Cash used in operating activities consisted of net loss partially offset by non-cash adjustments of $4.5 million and a net decrease in operating assets and liabilities of $1.7 million. Non-cash items primarily included depreciation and amortization of $1.7 million, stock-based compensation expense of $3.2 million, non-cash lease expense of $0.8 million and a net amortization of premiums and accretion discounts on investments of $1.2 million. The net change in assets and liabilities was primarily due to a net decrease in accrued and other current and non-current liabilities of $2.2 million and a decrease in operating lease liability of $1.0 million. The decrease in operating assets and liabilities was partially offset by a $0.8 million increase in prepaid expenses and other current assets and a $0.6 million increase in accounts payable.
Current wording
Net cash used in operating activities was $52.0 million for the six months ended June 30, 2025. Cash used in operating activities consisted of net loss offset by non-cash adjustments of $50.4 million, and a net decrease in operating assets and liabilities of $1.6 million. Non-cash items primarily included depreciation and amortization of $3.3 million, stock-based compensation expense of $6.1 million, and non-cash lease expense of $1.7 million. The net change in assets and liabilities was primarily due to a net decrease in accrued and other current and non-current liabilities of $0.6 million and a decrease in operating lease liability of $1.9 million, offset by an increase in prepaid expenses and other current assets of $1.1 million.
Previous wording
Net cash provided by investing activities was $18.9 million for the three months ended March 31, 2026, which consisted of $39.0 million related to maturities of short-term treasury securities, net of $20.1 million of purchases of short-term treasury securities and less than $0.1 million of purchases of lab equipment and leasehold improvements for our Good Manufacturing Practice (GMP) cell processing suite at 1000 Bridge Parkway.
Current wording
Net cash provided by investing activities was $35.5 million for the six months ended June 30, 2026, which consisted of $80.0 million related to maturities of short-term treasury securities, net of $44.2 million of purchases of short-term treasury securities and $0.2 million of purchases of lab equipment and leasehold improvements for our Good Manufacturing Practice (GMP) cell processing suite at 1000 Bridge Parkway.
Previous wording
Net cash used in investing activities was $2.9 million for the three months ended March 31, 2025, which consisted of $34.4 million of purchases of short-term treasury securities and $1.5 million of purchases of lab equipment and leasehold improvements for our Good Manufacturing Practice (GMP) cell processing suite at 1000 Bridge Parkway. We received $33.0 million related to the maturities of short-term treasury securities.
Current wording
Net cash provided by investing activities was $30.1 million for the six months ended June 30, 2025, which consisted of $34.4 million of purchases of short-term treasury securities and $1.5 million of purchases of lab equipment and leasehold improvements for our Good Manufacturing Practice (GMP) cell processing suite at 1000 Bridge Parkway. We received $66.0 million related to the maturities of short-term treasury securities.
Previous wording
Net cash used by financing activities was $0.1 million for the three months ended March 31, 2026 and March 31, 2025 and consisted of $0.1 million cash paid for taxes withheld on the net share settlement of equity awards for both years.
Current wording
Net cash used by financing activities was less than $0.1 million for the six months ended June 30, 2026, which was primarily related to net proceeds from the issuance of common stock in connection with our employee stock purchase plan. This was partially offset by cash paid for taxes withheld on the net share settlement of equity awards and issuance costs related to exchange of common stock for pre-funded warrant.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Research and development expenses decreased by $10.0 million, or 35%, during the three months ended June 30, 2026 as compared to the same period in 2025. The decrease in research and development expenses was primarily due to a $4.0 million decrease related to lower CRO expenses due to no new enrollment of patients, a $2.8 million decrease in payroll and personnel expenses due to lower headcount, a $2.3 million decrease in allocated facility-related expenses, a $0.8 million decrease in expenses related to lab supplies and materials, and a $0.1 million decrease in professional fees.
Current report — wording carried from elsewhere
The following table summarizes our results of operations for the periods indicated (in thousands, except percentages):
Current report — wording carried from elsewhere
(1) Employee related costs, including salaries, benefits, bonuses, and stock-based compensation expenses for research and development employees.
Current report — wording carried from elsewhere
(2) Professional fees and allocated facility-related costs, such as rent, utilities, insurance, repairs and maintenance, depreciation and amortization, information technology costs and general support services.
Current report — wording carried from elsewhere
General and administrative expenses decreased by $3.1 million, or 28%, during the six months ended June 30, 2026 as compared to the same period in 2025. The decrease in general and administrative expenses was due to a decrease in payroll and personnel related expenses of $2.3 million primarily related to a decrease in stock-based compensation and lower headcount and a $1.0 million decrease in professional fees. The decrease was partially offset by a $0.2 million increase in allocated facility-related expenses.
Current report — wording carried from elsewhere
Interest income decreased by $0.6 million, or 19% during the six months ended June 30, 2026 as compared to the same period in 2025, which was primarily due to lower interest rates and lower cash balances for the period.