Adicet Bio Inc (NASDAQ: ACET) is a clinical-stage biopharmaceutical company developing allogeneic gamma delta CAR-T cell therapies for cancer and autoimmune diseases. The company generates no product revenue, funding operations through capital raises while spending on research and development. As of the 10-K filed March 12, 2026, Adicet's lead candidate is prula-cel, a gamma delta CAR-T therapy in Phase 1 clinical trials for B cell-mediated autoimmune diseases including lupus nephritis (LN), systemic lupus erythematosus (SLE), systemic sclerosis (SSc), anti-neutrophil cytoplasmic autoantibody associated vasculitis (AAV), idiopathic inflammatory myopathies (IIM), and stiff person syndrome (SPS). A second pipeline candidate, ADI-212, targets PSMA. Net cash used in operating activities was $92.4 million for the year ended December 31, 2024. CEO is Nick Harvey; CFO is Nick Harvey as well per the filing signature block, with Jeffrey Chodakewitz listed as a director. Shanghai Adicet became a wholly owned subsidiary of Adicet Therapeutics following completion of registration in August 2025.

Revenue model

No product revenue as of the filing. The company is pre-commercial, with no products approved for sale. Operations are funded through capital markets. R&D expenses include employee costs, CDMO and CRO agreements, lab materials, and facility costs.

Products and services

Prula-cel: allogeneic gamma delta CAR-T cell therapy in Phase 1 trials for autoimmune diseases (LN, SLE, SSc, AAV, IIM, SPS); FDA Fast Track Designation granted June 2024. ADI-212: next-generation gene-edited and armored CAR-T candidate targeting PSMA, with IND submission planned.

Customers and end markets

No commercial customers. Target patient population includes individuals with B cell-mediated autoimmune diseases. Estimated prevalence of greater than 1.7 million patients in the U.S., EU5, China, and Japan across SLE (including LN), SSc, IIM, and SPS, per the FY2025 10-K filing.

Value-chain role

Clinical-stage drug developer. Relies on CDMOs for manufacturing and CROs for clinical trial execution. Operates a GMP cell processing suite at 1000 Bridge Parkway. Conducts research and development through wholly owned subsidiary Shanghai Adicet in China.

Geographic exposure

Operations in the United States and China. Shanghai Adicet became a wholly owned subsidiary of Adicet Therapeutics following regulatory registration completion in August 2025. Target markets cited as U.S., EU5, China, and Japan.

Source: SEC 10-K, filed 2026-03-12

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