0001720580-26-000008
SEC filingAdicet Bio, Inc. reported a net loss of $116.8 million for the fiscal year ended December 31, 2025, consistent with the prior year's net loss of $117.1 million. The company generated no revenue and incurred total operating expenses of $122.1 million, primarily driven by research and development costs of $99.1 million and general and administrative expenses of $23.0 million. The loss from operations was $122.1 million, partially offset by interest income of $5.8 million. As of December 31, 2025, the company held $158.5 million in cash, cash equivalents, and short-term investments, which it believes is sufficient to fund operations into the second half of 2027. The company's business remains focused on the clinical development of its allogeneic gamma delta T cell therapies, including its lead candidate prula-cel for autoimmune diseases.
Adicet Bio, Inc. reported a net loss of $116.8 million for the fiscal year ended December 31, 2025, which was essentially unchanged from the $117.1 million net loss reported for the prior year. The company generated no revenue from product sales during the period. Total operating expenses were $122.1 million, consisting of $99.1 million in research and development expenses and $23.0 million in general and administrative expenses. The loss from operations was $122.1 million, which was partially offset by $5.8 million in interest income. The company's accumulated deficit increased to $614.7 million as of December 31, 2025. Comprehensive loss for the year was $116.7 million, which includes $86,000 of other comprehensive income primarily from unrealized gains on treasury securities.
The company has no products approved for commercial sale and has not generated any revenue from product sales to date. All of the company's historical revenue has been generated from its collaboration and license agreement with Regeneron Pharmaceuticals, Inc., which provided a non-refundable upfront payment of $25.0 million and research funding payments. The company does not expect to generate significant product revenue until it obtains regulatory approval and commercializes any of its product candidates, which is not expected for at least several years, if ever.
As a clinical-stage biotechnology company with no commercial products, Adicet Bio operates at a loss. The company's operating margin was negative, with operating expenses of $122.1 million and no offsetting revenue. Research and development expenses decreased slightly by $0.2 million (less than 1%) compared to the prior year, primarily due to a $5.1 million decrease in payroll and personnel expenses related to lower headcount, partially offset by a $5.6 million increase in contracted research and development costs. General and administrative expenses decreased by $5.3 million (19%) compared to the prior year, primarily due to decreases in stock-based compensation and facility-related expenses.
Net cash used in operating activities was $95.2 million for the year ended December 31, 2025, compared to $92.4 million in the prior year. The company had $158.5 million in cash, cash equivalents, and short-term investments as of December 31, 2025, plus $2.9 million in restricted cash. Total assets were $192.4 million, with current assets of $160.9 million primarily consisting of cash, cash equivalents, and short-term investments. Total liabilities were $33.1 million, resulting in stockholders' equity of $159.2 million. The company believes its current cash position is sufficient to fund operations into the second half of 2027.
The company expects to continue incurring significant losses for the foreseeable future as it advances its clinical development programs. Key priorities include continuing the Phase 1 clinical trial of prula-cel in autoimmune diseases, with plans to meet with the FDA in the second quarter of 2026 to inform potential pivotal trial design. The company also plans to submit a regulatory filing for ADI-212 for metastatic castration-resistant prostate cancer in the third quarter of 2026. The company has discontinued development of ADI-270 to prioritize resources on prula-cel and ADI-212. Management notes that changing circumstances may cause the company to consume capital significantly faster than currently anticipated, and additional financing will be required to complete development and commercialization of product candidates.