Cambridge biotech tracker · Boston
Adicet Bio
Listed on Nasdaq as ACET, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $118M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $21.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 17 mo
- 12 to 24 months
- Net loss
- $21.4M
- Q2 '26
- R&D expense
- $18.4M
- 83% of opex
- Raised, last 4 qtrs
- +$75.1M
- net financing cash flow
- Next readout
- Dec 2026
- Phase 1 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
17 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $7.0M a month.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Cash against the calendar
What the runway has to reach.
Dec 2026estimated
A Phase 1 Study of Prulacabtagene Leucel (Prula-cel, Formerly ADI-001) in Autoimmune Disease
Lupus Nephritis · Autoimmune Diseases · Systemic Sclerosis (SSc)
NCT06375993 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 17 months
- Time to the date
- 4 weeks
It is about 4 weeks out. At the current burn there is roughly 16 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Dec 2026Phase 1A Phase 1 Study of Prulacabtagene Leucel (Prula-cel, Formerly ADI-001) in Autoimmune Disease
- Mar 2027Phase 1A Phase 1 Study of ADI-001 in Rheumatoid Arthritis
- Oct 2028Phase 1/2A Phase 1/2 Trial of ADI-212 in mCRPC
Pipeline
3 active trials, through phase 1/2.
Phase 1 · 2Phase 1/2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Phase 1/2 Trial of ADI-212 in mCRPCNCT07793435 · Prostate Cancer MetastaticPhase 1/2Oct 2028est. | Phase 1/2 | Not yet recruiting | ||
| A Phase 1 Study of Prulacabtagene Leucel (Prula-cel, Formerly ADI-001) in Autoimmune DiseaseNCT06375993 · Lupus Nephritis, Autoimmune DiseasesPhase 1Dec 2026est. | Phase 1 | Enrolling by invitation | ||
| A Phase 1 Study of ADI-001 in Rheumatoid ArthritisNCT07100873 · Rheumatoid Arthritis (RA)Phase 1Mar 2027est. | Phase 1 | Recruiting | ||
| A Phase 1 Trial of ADI-270 in ccRCCNCT06480565 · Clear Cell Renal Cell CarcinomaPhase 1Jul 2025 | Phase 1 | Terminated |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 1 readout in Dec 2026, about 4 weeks out. That leaves roughly 16 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 17 months of runway
Cash and investments of $118M at Q2 '26 against an average operating cash burn of $21.1M per quarter over the last four reported quarters runs out around October 2027. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $83.9M since Q3 '24
Net financing inflows of $75.1M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 83% of operating expenses
$18.4M of R&D against $22.3M of total operating expenses in Q2 '26, with G&A at $3.9M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Material weakness disclosed in the 10-Q filed Aug 5, 2026
Management identified a material weakness in internal control over financial reporting. Common causes at this stage are thin finance teams, manual close processes, and inadequate review of complex areas like revenue or equity. Remediation usually takes two or more quarters to demonstrate.
Accumulated deficit of $656M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $202M | −$22.0M | −$30.5M | $26.3M | $6.9M | — | $6.8M | $0 |
| Q4 '24 · Dec 31, 24 | $176M | −$24.1M | −$28.7M | $23.3M | $7.5M | — | $3.8M | $137K |
| Q1 '25 · Mar 31, 25 | $150M | −$25.4M | −$28.2M | $22.8M | $7.1M | — | $3.2M | −$104K |
| Q2 '25 · Jun 30, 25 | $125M | −$26.6M | −$31.2M | $28.4M | $4.0M | — | $2.9M | $267K |
| Q3 '25 · Sep 30, 25 | $103M | −$22.3M | −$26.9M | $22.9M | $5.1M | — | $2.5M | −$150K |
| Q4 '25 · Dec 31, 25 | $159M | −$20.9M | −$30.5M | $25.0M | $6.8M | — | $5.7M | $75.2M |
| Q1 '26 · Mar 31, 26 | $138M | −$21.5M | −$20.2M | $17.5M | $4.1M | — | $1.3M | −$65K |
| Q2 '26 · Jun 30, 26 | $118M | −$19.8M | −$21.4M | $18.4M | $3.9M | — | $1.4M | $58K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.