$ACET
Adicet Bio, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024059507 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.948M $6.974M $6.566M
YoY Change 6.43% 6.21% -3.46%
% of Gross Profit
Research & Development $25.90M $23.90M $26.76M
YoY Change -8.68% -10.69% 98.44%
% of Gross Profit
Depreciation & Amortization $1.602M $1.651M $1.254M
YoY Change 6.09% 31.66% 256.25%
% of Gross Profit
Operating Expenses $32.85M $30.87M $33.32M
YoY Change -5.85% -7.36% 64.28%
Operating Profit -$32.85M -$30.87M -$33.32M
YoY Change -5.85% -7.36% -808.07%
Interest Expense $0.00 $2.000K $19.00K
YoY Change -100.0% -89.47% 5.56%
% of Operating Profit
Other Income/Expense, Net -$51.00K -$61.00K -$206.0K
YoY Change -58.87% -70.39% 101.96%
Pretax Income -$29.90M -$28.02M -$30.88M
YoY Change -7.72% -9.28% -768.71%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$29.90M -$28.02M -$30.88M
YoY Change -7.72% -9.28% -768.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.33 -$0.35 -$0.72
Diluted Earnings Per Share -$0.33 -$0.35 -$0.72
COMMON SHARES
Basic Shares Outstanding 82.17M 82.15M 42.95M
Diluted Shares Outstanding 90.63M 79.07M 42.96M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.1M $247.6M $231.6M
YoY Change 9.06% 6.89% -16.64%
Cash & Equivalents $224.1M $247.6M $231.6M
Short-Term Investments
Other Short-Term Assets $409.0K $613.0K $511.0K
YoY Change -16.36% 19.96% 1035.56%
Inventory
Prepaid Expenses $551.0K $339.0K $445.0K
Receivables
Other Receivables
Total Short-Term Assets $228.4M $250.4M $234.8M
YoY Change 9.44% 6.62% -16.6%
LONG-TERM ASSETS
Property, Plant & Equipment $24.04M $25.41M $29.89M
YoY Change -18.72% -14.99% 68.5%
Goodwill $19.46M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $593.0K $691.0K $1.110M
YoY Change -41.0% -37.75% -40.26%
Total Long-Term Assets $40.49M $42.75M $70.17M
YoY Change -41.3% -39.08% 19.09%
TOTAL ASSETS
Total Short-Term Assets $228.4M $250.4M $234.8M
Total Long-Term Assets $40.49M $42.75M $70.17M
Total Assets $268.8M $293.1M $305.0M
YoY Change -3.17% -3.9% -10.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.899M $2.542M $2.747M
YoY Change -39.15% -7.46% -20.72%
Accrued Expenses $16.00M $14.92M $15.35M
YoY Change 1.83% -2.8% 121.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.90M $17.46M $18.10M
YoY Change -4.96% -3.5% 73.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $116.0K $116.0K $116.0K
YoY Change -10.77% 0.0% 0.87%
Total Long-Term Liabilities $116.0K $116.0K $116.0K
YoY Change -10.77% 0.0% 0.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.90M $17.46M $18.10M
Total Long-Term Liabilities $116.0K $116.0K $116.0K
Total Liabilities $33.73M $34.29M $38.76M
YoY Change -12.55% -11.53% 31.98%
SHAREHOLDERS EQUITY
Retained Earnings -$438.7M -$408.8M -$269.0M
YoY Change 45.55% 51.97% 64.32%
Common Stock $673.8M $667.6M $535.2M
YoY Change 24.67% 24.73% 12.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $235.1M $258.8M $266.2M
YoY Change
Total Liabilities & Shareholders Equity $268.8M $293.1M $305.0M
YoY Change -3.17% -3.9% -10.42%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$29.90M -$28.02M -$30.88M
YoY Change -7.72% -9.28% -768.71%
Depreciation, Depletion And Amortization $1.602M $1.651M $1.254M
YoY Change 6.09% 31.66% 256.25%
Cash From Operating Activities -$23.42M -$22.85M -$24.09M
YoY Change -5.93% -5.17% -686.94%
INVESTING ACTIVITIES
Capital Expenditures $302.0K $239.0K $1.915M
YoY Change -79.96% -87.52% -27.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$302.0K -$239.0K -$1.915M
YoY Change -79.96% -87.52% -27.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 204.0K 111.0M -7.000K
YoY Change -9.73% -1585328.57% -99.38%
NET CHANGE
Cash From Operating Activities -23.42M -22.85M -24.09M
Cash From Investing Activities -302.0K -239.0K -1.915M
Cash From Financing Activities 204.0K 111.0M -7.000K
Net Change In Cash -23.52M 87.88M -26.02M
YoY Change -10.16% -437.78% -7774.34%
FREE CASH FLOW
Cash From Operating Activities -$23.42M -$22.85M -$24.09M
Capital Expenditures $302.0K $239.0K $1.915M
Free Cash Flow -$23.72M -$23.09M -$26.01M
YoY Change -10.16% -11.23% -1865.72%

Facts In Submission

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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 two financial institutions in the U.S. and one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">financial </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in treasury securities. 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>
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q1 us-gaap Common Stock Shares Issued
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CY2024Q1 acet Stock Issued During Period Shares Warrant Exercised
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CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2024Q1 acet Underwriting Discounts And Commissions And Other Offering Expenses
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.61
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.14
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
147198
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
11.23
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
400000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4429344
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
13.35
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P7Y3M18D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
20000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
12712774
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.44
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y6M
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
400000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.8215
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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0.8406
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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0.8325
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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7.69
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.72
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
148980
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
7.62
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
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2100
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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4.61
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
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CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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42955688
CY2024Q1 us-gaap Earnings Per Share Basic
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-0.35
CY2024Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13504194
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8788695

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