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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adicet Bio Inc | NASDAQ:ACET | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.73 | 1.65 | 1.83 | 0 | 12:19:14 |
“We are extremely proud of the milestones we’ve achieved this quarter, including the completion of the merger between Adicet Bio and resTORbio, the clearance of our IND application for ADI-001, and the expansion of our executive team with the appointment of Nick Harvey as CFO and, more recently, Don Healey, Ph.D., as CTO,” said Chen Schor, President and Chief Executive Officer of Adicet. “Looking ahead, we expect to initiate the Phase 1 clinical trial for ADI-001 in the first quarter of 2021 for the treatment of non-Hodgkin’s lymphoma and continue to leverage our γδ T therapy approach to provide a pipeline of highly differentiated product candidates with selective tumor targeting, innate and adaptive anti-tumor immune response, and improved persistence for durable activity.”
Third Quarter & Recent Business Updates
Financial Results for Third Quarter of 2020:
About Adicet
Adicet 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, 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 future clinical studies of ADI-001, including whether they are pivotal or would support registration, expectations regarding its other CAR γδ T cell therapy development activities, the impact of individual executive officers on Adicet’s success, and its expectations regarding its uses of capital, expenses, future accumulated deficit and other third quarter 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.Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited)
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue—related party | $ | 3,028 | $ | (7,047 | ) | $ | 12,493 | $ | (974 | ) | ||||||
Operating expenses: | ||||||||||||||||
Research and development | 8,942 | $ | 6,331 | $ | 24,651 | $ | 17,168 | |||||||||
General and administrative | 7,741 | 1,847 | 17,684 | 6,069 | ||||||||||||
Total operating expenses | 16,683 | 8,178 | 42,335 | 23,237 | ||||||||||||
Loss from operations | (13,655 | ) | (15,225 | ) | (29,842 | ) | (24,211 | ) | ||||||||
Interest income | 153 | 276 | 704 | 561 | ||||||||||||
Interest expense | (50 | ) | — | (84 | ) | — | ||||||||||
Other income (expense), net | (1,224 | ) | 171 | (1,174 | ) | 2,091 | ||||||||||
Loss before income taxes | (14,776 | ) | (14,778 | ) | (30,396 | ) | (21,559 | ) | ||||||||
Income tax expense (benefit) | 3 | — | (2,676 | ) | 1 | |||||||||||
Net loss | $ | (14,779 | ) | $ | (14,778 | ) | $ | (27,720 | ) | $ | (21,560 | ) | ||||
Net loss per share —basic and diluted | $ | (2.84 | ) | $ | (6.87 | ) | $ | (8.69 | ) | $ | (10.10 | ) | ||||
Weighted-average number of common shares used in net loss per share —basic and diluted | 5,208,887 | 2,149,986 | 3,190,557 | 2,133,645 |
ADICET BIO, INC.Balance Sheet Data (in thousands)(unaudited)
September 30, | December 31, | |||||||
2020 | 2019 | |||||||
Cash, cash equivalents and marketable debt securities | $ | 108,120 | $ | 72,988 | ||||
Working capital | 87,334 | 49,321 | ||||||
Total assets | 150,397 | 81,587 | ||||||
Contract liabilities—related party | 19,390 | 21,883 | ||||||
Accumulated deficit | (97,367 | ) | (69,647 | ) | ||||
Total stockholders' equity (deficit) | 116,930 | (60,366 | ) |
Adicet Bio, Inc.Investor and Media ContactsAnne Bowdidgeabowdidge@adicetbio.com
Janhavi MohiteStern Investor Relations, Inc.212-362-1200janhavi.mohite@sternir.com
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