Adicet Bio Inc
NASDAQ:ACET
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Adicet Bio Inc
Adicet Bio, Inc. is a biotechnology company, which engages in the design and development of off-the-shelf allogeneic gamma delta T cell therapies for cancer and other diseases. The company is headquartered in Boston, Massachusetts and currently employs 86 full-time employees. The company went IPO on 2018-01-26. The company is advancing a pipeline of off-the-shelf gamma delta T cells, engineered with chimeric antigen receptors (CAR) and T cell receptor-like antibodies (TCRL), to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response and improve persistence for durable activity in patients. Its lead product candidate, ADI-001, an allogeneic gamma delta T cell therapy expressing a CAR targeting CD20, is under Phase I study for the treatment of Non-Hodgkin's Lymphoma. Its pipeline also includes ADI-002, an allogeneic gamma delta CAR-T cell therapy expressing a GPC3-targeted CAR and a cell intrinsic soluble form of interluiken-15, for the treatment of solid tumors. In addition, it is engaged in discovery and preclinical stage activities of its pipeline of product candidates for both hematological malignancies and solid tumors.
Adicet Bio, Inc. is a biotechnology company, which engages in the design and development of off-the-shelf allogeneic gamma delta T cell therapies for cancer and other diseases. The company is headquartered in Boston, Massachusetts and currently employs 86 full-time employees. The company went IPO on 2018-01-26. The company is advancing a pipeline of off-the-shelf gamma delta T cells, engineered with chimeric antigen receptors (CAR) and T cell receptor-like antibodies (TCRL), to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response and improve persistence for durable activity in patients. Its lead product candidate, ADI-001, an allogeneic gamma delta T cell therapy expressing a CAR targeting CD20, is under Phase I study for the treatment of Non-Hodgkin's Lymphoma. Its pipeline also includes ADI-002, an allogeneic gamma delta CAR-T cell therapy expressing a GPC3-targeted CAR and a cell intrinsic soluble form of interluiken-15, for the treatment of solid tumors. In addition, it is engaged in discovery and preclinical stage activities of its pipeline of product candidates for both hematological malignancies and solid tumors.
Revenue Decline: ACETO reported first quarter net sales of $164.4 million, down 11.3% from the prior year as Human Health sales dropped sharply due to generic market pressures and failure to supply (FTS) penalties.
Widening Loss: The company posted a net loss of $21.1 million, or $0.59 per share, compared to $0.5 million net income last year, driven by falling gross profit and higher SG&A expenses.
Segment Divergence: Pharmaceutical Ingredients and Performance Chemicals segments showed year-over-year growth in sales and gross profit, while Human Health continued to struggle.
Cash Position & Liquidity: Cash and equivalents were $52.5 million, with total debt at $315.4 million; management emphasized reliance on a strategic alternatives process to generate liquidity and retire debt.
Inventory Build: Inventory rose to $156.5 million, primarily to improve supply reliability and mitigate tariff risks, causing a large cash draw.
Tariff Exposure: Tariffs on Chinese imports have had a limited impact so far, but could cost $850,000 to $3.7 million in the second half of fiscal 2019 if rates rise to 25%.
Failure to Supply Improving: FTS claims and backorders have declined sharply after operational changes, with further improvement expected.
Strategic Review Ongoing: The board continues a strategic alternatives review but offered no new details, affirming intent to use proceeds to retire debt.
