Adicet Bio (ACET) Q1 2026 earnings summary

Executive summary

• Focused on developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, with prula-cel as the lead candidate and ADI-212 advancing toward clinical trials.

• Prula-cel Phase 1 trials are ongoing in multiple autoimmune indications, with positive preliminary results and plans for pivotal trials in lupus nephritis and SLE, including anticipated Phase 1 data in mid-2026 with at least 20 patients and six months of follow-up.

• Regulatory interaction with FDA for potential pivotal trial design for prula-cel expected in 2Q 2026; pivotal program start-up activities planned for 2H 2026, pending clearance.

• ADI-212, a gene-edited, armored CAR-T candidate targeting prostate-specific membrane antigen, is expected to enter clinical trials for metastatic castration-resistant prostate cancer in late 2026, with regulatory filing planned for 3Q 2026 and Phase 1 enrollment in 4Q 2026.

• Ongoing innovation in early-stage gamma delta CAR-T programs for autoimmune diseases, hematological malignancies, and solid tumors.

Financial highlights

• Net loss for Q1 2026 was $20.2 million ($1.88 per share), a 28% improvement from $28.2 million ($4.96 per share) in Q1 2025, driven by lower R&D and G&A expenses.

• Research and development expenses decreased 23% year-over-year to $17.5 million, mainly due to lower headcount and reduced lab and CRO expenses.

• General and administrative expenses decreased 42% year-over-year to $4.1 million, reflecting lower payroll, facility, and professional fees.

• Cash, cash equivalents, and short-term investments totaled $137.6 million as of March 31, 2026, expected to fund operations into the second half of 2027.

• Accumulated deficit reached $634.9 million as of March 31, 2026.

Outlook and guidance

• Cash runway expected to fund operations into the second half of 2027.

• Plans to provide clinical updates for prula-cel in mid and late 2026, including for lupus nephritis, SLE, rheumatoid arthritis, and systemic sclerosis.

• Regulatory submission for ADI-212 in mCRPC planned for 3Q 2026, with Phase 1 enrollment anticipated in 4Q 2026.

• Anticipates continued operating losses as product candidates advance through development.