Adicet Bio Posts Wider Loss In Q2

(RTTNews) - Adicet Bio, Inc. (ACET) reported a second quarter net loss attributable to common shareholders of $22.5 million, or a net loss of $0.56 per share, as compared to a net loss of $10.9 million or a net loss of $0.34 per share, a year ago. R&D expenses were $16.2 million for the three months ended June 30, 2022, compared to $10.6 million, prior year.

On average, ten analysts polled by Thomson Reuters expected the company to report a loss per share of $0.45, for the quarter. Analysts' estimates typically exclude special items.

Chen Schor, CEO at Adicet Bio, said: "We are particularly pleased with the positive clinical data from our lead product candidate ADI-001 presented at ASCO in June, and the Fast Track Designation by the FDA. We are excited to report that we are currently enrolling patients to dose level 4 and are on track to potentially initiate at least one pivotal study during the first half of 2023."

Cash and cash equivalents were $260.6 million as of June 30, 2022. The company expects that current cash and cash equivalents of $304.3 million, adjusted for sales agent fees from the at-the-market transaction, will be sufficient to fund its operating expenses into the first half of 2025.

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