$ACET
Adicet Bio, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023008130 Filed on March 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $24.99M
YoY Change -100.0% -100.0% 156.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.566M $6.550M $26.30M
YoY Change -3.46% 3.12% 18.34%
% of Gross Profit
Research & Development $26.76M $25.02M $71.25M
YoY Change 98.44% 85.87% 45.57%
% of Gross Profit
Depreciation & Amortization $1.254M $1.059M $2.575M
YoY Change 256.25% 190.14% 67.43%
% of Gross Profit
Operating Expenses $33.32M $31.57M $97.54M
YoY Change 64.28% 59.34% 37.07%
Operating Profit -$33.32M -$72.55M
YoY Change -808.07% 18.1%
Interest Expense $19.00K $2.153M $80.00K
YoY Change 5.56% 17841.67% -54.55%
% of Operating Profit
Other Income/Expense, Net -$206.0K -$463.0K -$919.0K
YoY Change 101.96% 57.48% 51.65%
Pretax Income -$30.88M -$29.88M -$69.79M
YoY Change -768.71% 88.8% 12.34%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$30.88M -$29.88M -$69.79M
YoY Change -768.71% 88.93% 12.57%
Net Earnings / Revenue -279.27%
Basic Earnings Per Share -$0.72 -$1.70
Diluted Earnings Per Share -$0.72 -$0.70 -$1.70
COMMON SHARES
Basic Shares Outstanding 42.95M 42.85M 41.08M
Diluted Shares Outstanding 42.96M 41.08M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $231.6M $257.7M $257.7M
YoY Change -16.64% -7.17% -7.17%
Cash & Equivalents $231.6M $257.7M $257.7M
Short-Term Investments
Other Short-Term Assets $511.0K $380.0K $2.947M
YoY Change 1035.56% 1125.81% -37.03%
Inventory
Prepaid Expenses $445.0K $295.0K
Receivables $0.00 $0.00
Other Receivables $435.0K $435.0K
Total Short-Term Assets $234.8M $261.0M $261.0M
YoY Change -16.6% -7.58% -7.58%
LONG-TERM ASSETS
Property, Plant & Equipment $29.89M $28.71M $48.98M
YoY Change 68.5% 96.07% 39.94%
Goodwill $19.46M $19.46M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.110M $1.211M $1.211M
YoY Change -40.26% -35.82% -40.55%
Total Long-Term Assets $70.17M $69.65M $69.65M
YoY Change 19.09% 23.28% 23.28%
TOTAL ASSETS
Total Short-Term Assets $234.8M $261.0M $261.0M
Total Long-Term Assets $70.17M $69.65M $69.65M
Total Assets $305.0M $330.7M $330.7M
YoY Change -10.42% -2.43% -2.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.747M $4.404M $4.404M
YoY Change -20.72% 34.97% 34.97%
Accrued Expenses $15.35M $15.30M $15.30M
YoY Change 121.28% 85.51% 85.51%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.10M $19.71M $19.71M
YoY Change 73.97% 20.78% 20.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $116.0K $114.0K $18.65M
YoY Change 0.87% -0.87% -4.35%
Total Long-Term Liabilities $116.0K $114.0K $18.65M
YoY Change 0.87% -0.87% -4.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.10M $19.71M $19.71M
Total Long-Term Liabilities $116.0K $114.0K $18.65M
Total Liabilities $38.76M $38.35M $38.35M
YoY Change 31.98% 7.1% 7.1%
SHAREHOLDERS EQUITY
Retained Earnings -$269.0M -$238.1M
YoY Change 64.32% 41.46%
Common Stock $535.2M $530.5M
YoY Change 12.73% 12.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $266.2M $292.3M $292.3M
YoY Change
Total Liabilities & Shareholders Equity $305.0M $330.7M $330.7M
YoY Change -10.42% -2.43% -2.43%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$30.88M -$29.88M -$69.79M
YoY Change -768.71% 88.93% 12.57%
Depreciation, Depletion And Amortization $1.254M $1.059M $2.575M
YoY Change 256.25% 190.14% 67.43%
Cash From Operating Activities -$24.09M -$18.84M -$44.77M
YoY Change -686.94% 40.11% -12.31%
INVESTING ACTIVITIES
Capital Expenditures $1.915M $6.490M $16.78M
YoY Change -27.24% -310.85% 28.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.915M -$6.490M -$16.78M
YoY Change -27.24% 110.85% 500.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.000K 304.0K 41.51M
YoY Change -99.38% -99.69% -82.9%
NET CHANGE
Cash From Operating Activities -24.09M -18.84M -44.77M
Cash From Investing Activities -1.915M -6.490M -16.78M
Cash From Financing Activities -7.000K 304.0K 41.51M
Net Change In Cash -26.02M -25.02M -20.04M
YoY Change -7774.34% -130.92% -110.61%
FREE CASH FLOW
Cash From Operating Activities -$24.09M -$18.84M -$44.77M
Capital Expenditures $1.915M $6.490M $16.78M
Free Cash Flow -$26.01M -$25.33M -$61.55M
YoY Change -1865.72% 144.33% -3.98%

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CY2021 acet Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-511000
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
5646000
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
846000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-44765000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-51052000
CY2022 acet Proceeds From Sales Of Marketable Debt Securities
ProceedsFromSalesOfMarketableDebtSecurities
0
CY2021 acet Proceeds From Sales Of Marketable Debt Securities
ProceedsFromSalesOfMarketableDebtSecurities
7500000
CY2022 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
0
CY2021 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
2750000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16782000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13046000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-16782000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2796000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
238129000
CY2022 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
432000
CY2021 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
129000
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
43360000
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1315000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4688000
CY2022 acet Taxes Withheld And Paid Related To Net Share Settlement Of Equity Awards
TaxesWithheldAndPaidRelatedToNetShareSettlementOfEquityAwards
-3234000
CY2021 acet Taxes Withheld And Paid Related To Net Share Settlement Of Equity Awards
TaxesWithheldAndPaidRelatedToNetShareSettlementOfEquityAwards
0
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
364000
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
261000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
41509000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
242685000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-20038000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
188837000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
277694000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88857000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
257656000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
277694000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
257656000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
277544000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
150000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
257656000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
277694000
CY2022 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0
CY2021 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
2766000
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
43000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
565000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
651000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2329000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022 acet Common Stock Offering Costs Included In Accrued Liabilities At Period End
CommonStockOfferingCostsIncludedInAccruedLiabilitiesAtPeriodEnd
0
CY2021 acet Common Stock Offering Costs Included In Accrued Liabilities At Period End
CommonStockOfferingCostsIncludedInAccruedLiabilitiesAtPeriodEnd
132000
CY2022 acet Adjustment To Goodwill
AdjustmentToGoodwill
0
CY2021 acet Adjustment To Goodwill
AdjustmentToGoodwill
413000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Such estimates include deferred tax assets, useful lives of property and equipment, accruals for research and development activities, revenue recognition and stock-based compensation and the Company’s incremental borrowing rate. Actual results could differ from those estimates.</span></p>
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022 us-gaap Sublease Income
SubleaseIncome
704000
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at one financial institution in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date.</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company has </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> customer, Regeneron, which represents </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of the Company’s total revenue during the years ended </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">December 31, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> and 2021 and outstanding accounts receivable as of December 31, 2021 (see Note 8).</span></p>
CY2022Q4 acet Number Of Customer
NumberOfCustomer
1
CY2022 acet Customers Percentage Of Total Revenue
CustomersPercentageOfTotalRevenue
1
CY2021 acet Customers Percentage Of Total Revenue
CustomersPercentageOfTotalRevenue
1
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
0
CY2021 us-gaap Sublease Income
SubleaseIncome
223000
CY2022 us-gaap Lease Cost
LeaseCost
3937000
CY2021 us-gaap Lease Cost
LeaseCost
4294000
CY2021 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
1200000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
0
CY2022 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2022 acet Accrued Research And Development
AccruedResearchAndDevelopment
0
CY2022 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
2264000
CY2021 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
511000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20300000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
21000000.0
CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1251000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1884000
CY2022Q4 acet Prepaid Software Subscription And Licensing Fees
PrepaidSoftwareSubscriptionAndLicensingFees
529000
CY2021Q4 acet Prepaid Software Subscription And Licensing Fees
PrepaidSoftwareSubscriptionAndLicensingFees
206000
CY2022Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
435000
CY2021Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
29000
CY2022Q4 acet Prepayments To Cros
PrepaymentsToCros
427000
CY2021Q4 acet Prepayments To Cros
PrepaymentsToCros
1658000
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
295000
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
815000
CY2022Q4 acet Prepayments To Cmos
PrepaymentsToCmos
65000
CY2021Q4 acet Prepayments To Cmos
PrepaymentsToCmos
115000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
380000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3382000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4709000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37463000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20969000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8753000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6326000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28710000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14643000
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2600000
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1500000
CY2022Q1 us-gaap Construction Payable Current And Noncurrent
ConstructionPayableCurrentAndNoncurrent
13800000
CY2022Q1 acet Increase In Construction Budget
IncreaseInConstructionBudget
5300000
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
18400000
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
9300000
CY2022 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
200000
CY2022 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
100000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.774
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.817
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.772
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.798
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5703000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4020000
CY2022Q4 acet Accrued Cmo Costs
AccruedCmoCosts
4390000
CY2021Q4 acet Accrued Cmo Costs
AccruedCmoCosts
1077000
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
1356000
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
546000
CY2022Q4 acet Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
674000
CY2021Q4 acet Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
504000
CY2022Q4 acet Accrued Cro Costs
AccruedCroCosts
657000
CY2021Q4 acet Accrued Cro Costs
AccruedCroCosts
32000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
31000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
503000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
12811000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
6682000
CY2020Q2 us-gaap Loans Receivable Basis Spread On Variable Rate
LoansReceivableBasisSpreadOnVariableRate
0.0500
CY2022Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
400000
CY2022 acet License Agreement Termination Description
LicenseAgreementTerminationDescription
twelve (12) years
CY2022 acet Licence Agreement Additional Revenue Recognised
LicenceAgreementAdditionalRevenueRecognised
5000000.0
CY2022 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
1000000.0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.016
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1300000
CY2018Q4 acet Increase Decrease In Lease Obligation
IncreaseDecreaseInLeaseObligation
3000
CY2018Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
4544
CY2019Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
9501
CY2021Q3 acet Area Of Sublease
AreaOfSublease
9501
CY2021Q3 acet Sublease Agreement Description
SubleaseAgreementDescription
The term of the sublease started on September 1, 2021 and ends on July 30, 2026. The aggregate base rent due to the Company under the Sublease is approximately $3.5 million starting October 1, 2021. The Company records sublease income as a reduction of lease expense.
CY2021Q3 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
3500000
CY2021Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
100000
CY2022Q4 acet Operating Leases Future Minimum Sublease Income Due Current
OperatingLeasesFutureMinimumSubleaseIncomeDueCurrent
707000
CY2022Q4 acet Operating Leases Future Minimum Sublease Income Due In Two Years
OperatingLeasesFutureMinimumSubleaseIncomeDueInTwoYears
722000
CY2022Q4 acet Operating Leases Future Minimum Sublease Income Due In Three Years
OperatingLeasesFutureMinimumSubleaseIncomeDueInThreeYears
736000
CY2022Q4 acet Operating Leases Future Minimum Sublease Income Due In Four Years
OperatingLeasesFutureMinimumSubleaseIncomeDueInFourYears
438000
CY2022Q4 acet Operating Leases Future Minimum Sublease Income Due
OperatingLeasesFutureMinimumSubleaseIncomeDue
2603000
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0710
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y6M
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
4508000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
4282000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
133000
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
235000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
4251000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
4439000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
4072000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
13729000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
26491000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5468000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
21023000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2492000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
18531000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9272305
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6829205
CY2022Q2 acet Stock Issued During Period Shares Warrant Exercised
StockIssuedDuringPeriodSharesWarrantExercised
220890
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.32
CY2022Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
100731
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
220890
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.3177
CY2021 acet Warrants Outstanding And Exercisable Weighted Average Remaining Contractual Term
WarrantsOutstandingAndExercisableWeightedAverageRemainingContractualTerm
P4Y7M28D
CY2022 acet Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2022 acet Class Of Warrant Exercised
ClassOfWarrantExercised
220890
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17126000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12511000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17126000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12511000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3875317
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.08
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13212000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2692500
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.65
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
126176
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
10.44
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
238621
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