REDWOOD CITY, Calif. & BOSTON - Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology company specializing in gamma delta T cell therapies, has announced encouraging biomarker data from their Phase 1 GLEAN trial for ADI-001. The data suggests that ADI-001 could be a leading allogeneic cell therapy for autoimmune diseases. The trial results, which will be presented today at the 9th Annual CAR-TCR Summit in Boston, showed that ADI-001 achieved significant CAR T cell activation and complete B cell depletion in secondary lymphoid tissue.
According to Dr. Blake Aftab, Adicet's Chief Scientific Officer, the results from the GLEAN trial indicate that ADI-001 has robust tissue trafficking capabilities and can provide superior exposure in secondary lymphoid tissue compared to other CAR T therapies. The findings also revealed that ADI-001 led to complete depletion of CD19+ B cells within the tissue, a promising development for the treatment of autoimmune diseases.
The GLEAN study is an open-label, multi-center trial that enrolled adults with B-cell malignancies who have relapsed or are refractory to at least two prior regimens. The trial's purpose is to evaluate the safety and efficacy of ADI-001.
Adicet is advancing the clinical program for ADI-001, with the aim to treat lupus nephritis, systemic lupus erythematosus, systemic sclerosis, and anti-neutrophil cytoplasmic autoantibody associated vasculitis (AAV). Initial clinical data from this program is expected to be reported in the first half of 2025.
The company has made a webcast featuring Dr. Aftab's presentation available on their website, which will be accessible for 30 days. This announcement is based on a press release statement from Adicet Bio, Inc. The company continues to discover and develop treatments for autoimmune diseases and cancer, focusing on off-the-shelf gamma delta T cell therapies.
Investors and interested parties should note that forward-looking statements involve risks and uncertainties, including the possibility that ADI-001 may not prove to be as effective in larger or later-stage clinical trials as it did in preliminary studies. The company cautions that these statements are not guarantees of future performance and actual results may differ materially.
In other recent news, Adicet Bio has seen significant developments. Canaccord Genuity and Jones Trading have both adjusted their price targets for the company, with Canaccord Genuity reducing it to $8.00 and Jones Trading to $4.00, both maintaining a Buy rating. This is in response to the company's revised product pipeline and market potential, specifically their therapy ADI-001 for Lymphoma and Systemic Lupus Erythematosus. The therapy is projected to achieve peak sales of $544 million in the United States by 2032, and peak royalties of $68 million in the European Union by the same year.
Adicet Bio has decided to focus its development efforts on autoimmune diseases, leading to the discontinuation of the Mantle Cell Lymphoma study. The company is advancing the clinical development of ADI-001 for lupus nephritis, systemic lupus erythematosus, systemic sclerosis, and anti-neutrophil cytoplasmic autoantibody associated vasculitis. Adicet Bio has also expanded its board with the appointment of Dr. Lloyd Klickstein, an expert in rheumatology, immunology, and drug development.
The U.S. Food and Drug Administration has granted Fast Track Designation to Adicet Bio's investigational therapy ADI-001 and clearance to proceed with a Phase 1 clinical trial of ADI-270, a novel gamma delta CAR T cell therapy candidate, for the treatment of relapsed or refractory renal cell carcinoma. BTIG has maintained a Buy rating for Adicet Bio, emphasizing its second-quarter earnings and progress in expanding clinical development.
InvestingPro Insights
Adicet Bio, Inc. (NASDAQ:ACET) has recently shared promising data from their Phase 1 GLEAN trial, but what does the company's financial health look like? According to InvestingPro, Adicet Bio holds more cash than debt on its balance sheet, which could provide some financial flexibility as they continue their clinical programs. Additionally, the company's liquid assets exceed its short-term obligations, indicating a stable short-term financial position.
On the flip side, Adicet Bio is quickly burning through cash and analysts do not anticipate the company will be profitable this year. This information is particularly relevant for investors considering the significant investment required for ongoing clinical trials and research and development in the biotechnology sector.
InvestingPro Data for Adicet Bio reveals a market capitalization of $120.31 million, with a negative P/E ratio, reflecting the company's current lack of profitability. The company's Price to Book ratio stands at 0.51, suggesting that the stock may be undervalued compared to the company's book value. As of the last twelve months, Adicet Bio has reported an operating loss of $128.08 million, highlighting the challenges faced in the biotech industry where profits are often long-term goals.
For those interested in a deeper dive into Adicet Bio's financials and future prospects, InvestingPro offers additional tips and metrics. As of now, there are 9 more InvestingPro Tips available for ACET at InvestingPro, which can provide investors with more detailed analysis and guidance.
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