Adicet Bio Inc Stock price
Is Adicet Bio Inc a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
As a Free StocksGuide user, you can view scores for all 9,127 stocks worldwide.
StocksGuide Premium
StocksGuide Unlimited
Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Adicet Bio Inc Stock Analysis
Analyst Opinions
12 Analysts have issued a Adicet Bio Inc forecast:
Analyst Opinions
12 Analysts have issued a Adicet Bio Inc forecast:
Adicet Bio Inc Events
Past Events
|
OCT
7
Special Call - Adicet Bio, Inc.
12 months ago
|
StocksGuide Free
Adicet Bio Inc — Special Call - Adicet Bio, Inc.
1. Management Discussion
Hello, everyone, and welcome to the Adicet webcast. [Operator Instructions]. This call is being recorded.
I'll now turn the call over to Chen Schor, CEO of Adicet Bio. Please go ahead.
Good morning, everyone, and welcome to today's conference call to discuss the data we announced this morning from our ongoing Phase I study of ADI-001 demonstrating very promising safety and efficacy results in patients with LN and SLE.
I'll start the presentation with a few remarks before turning it over to Dr. Julie Maltzman, our Chief Medical Officer, who will summarize the clinical data to date. After that, we'll be joined by Dr. Blake Aftab, our Chief Scientific Officer, to walk us through the data demonstrating clear evidence immune reset that we observed in the study. And then Nick Harvey, our Chief Financial Officer, will join us for Q&A. Next slide, please.
Before we start, please note that today's call may include forward-looking statements based on our current expectations. These statements represent our judgment as of today and inherently involve risks and uncertainties that may cause actual results to differ materially from the results discussed. Please refer to our filings with the Securities and Exchange Commission for more information.
And now without further delay, let's get started. We're excited to share with you that the key takeaway from the Phase I study we are sharing today points to potentially unequivocal success for patients with autoimmune diseases and for treating physicians.
We believe this data set highlights the potential of ADI-001 to become a transformational paradigm-changing approach to treating patients with autoimmune diseases. These preliminary data checked all the boxes in terms of the efficacy and safety results that we had hoped to see at this stage.
Let's take a moment to revisit our aspiration for this trial. Previously, we laid out what good readout from the trial would be. First, we said that the data would hopefully demonstrate favorable safety profile suitable for outpatient administration. We clearly have that, with no SAEs, no CRS events greater than Grade 1 and no ICANS. We believe this lays the groundwork for ADI-001, potential advantage of being used as an outpatient therapy and available to many patients with autoimmune diseases.
We also said we wanted to achieve remission or halt disease progression. And we did, as you will see in the clinical data we present today. All patients, which includes five LN patients and two SLE patients with a follow-up ranging from 2 to 9 months experienced rapid and sustained reductions in their SLEDAI-2K and Physician Global Assessment or PGA scores.
Next, we wanted to show preserved or immune kidney function with a complete renal response or CRR rate of at least 40%, which is what regulatory authorities signaled to other companies as the bar for success in single-arm pivotal studies with B-cell depleting cell therapies for the treatment of LN. And indeed, kidney function improved in all five LN patients, including three complete renal responses, which were also DORIS remissions and two partial renal responses. We also wanted to see immune reset and emergence of B-cell repertoire that will support a onetime therapy, and we clearly did, which Blake will present shortly.
We hope to see a discontinuation of immunosuppressants and discontinuation or reduction in the corticosteroid doses to physiological levels. That box was clearly checked.
Finally, we wanted to see the potential for ADI-001 to become an off-the-shelf therapy with no need for leukapheresis, and we have that as well.
In summary, with all these boxes checked, today's data are a clear win for LN and SLE patients. These data exceeded our expectations. The totality of the data suggests that ADI-001 has the potential to be an off-the-shelf onetime therapy available for autoimmune patients in an outpatient setting with an impressive efficacy profile and favorable safety. Such a profile may enable rapid execution of our clinical development plan and if ADI-001 is approved, significant commercial potential.
Given the data we're presenting today, we plan to request a meeting with the U.S. Food and Drug Administration, or FDA, in the first quarter of next year, to inform Phase II pivotal trial design with a study anticipated to commence in the second quarter of next year.
Precedent Phase II pivotal trials with B-cell targeted cell therapies in LN or SLE and LN suggests that a relatively small single-arm pivotal study may suffice given the transformational clinical benefits observed with immune resetting cell therapies. Next slide, please.
The autoimmune program with ADI-001 is quite robust. We have seen a nice uptick in the number of sites interested in enrolling patients. We continue to enroll LN and SLE patients and recently also started enrolling systemic cirrhosis patients. We expect to enroll patients with RA in the very near future and also see interest from sites in enrolling patients with myositis and ANCA vasculitis.
ADI-212, our optimized next-generation gene-edited and armored clinical candidates designed to enhance potency in solid tumors and deliver multiple antitumor mechanism of action to the tumor microenvironment, ADI-212 is expected to enter the clinic in the first half of 2026. But today, we'll be focusing on the data from our Phase I trial in LN and SLE. Next slide, please.
Given the strength of the data we are sharing with you today, we expect our ADI-001 program to generate a number of meaningful milestones throughout 2026. We will review these milestones in more detail shortly.
With that, let me now turn the call to Julie to walk you through the clinical data in more details on the next slide.
Okay. Thank you, Chen. Good morning, everyone, and thank you for joining us. I am pleased to be here today to share these preliminary results from the Phase I study of ADI-001 in patients with LN, Lupus Nephritis; and SLE, Systemic Lupus Erythematosus.
This slide here just summarizes the data that I'll be showing you today. It includes seven patients in total, five LN and two SLE as of August 31 data cut.
I'm very pleased to report that we saw a rapid and sustained reduction in the SLEDAI-2K and PGA scores across all patients. You will also see that all LN patients had a reduction in proteinuria. Three patients achieved a complete renal response or CRR. These same three patients also achieved DORIS remission. The other two patients fit the protocol definition of a partial renal response or PRR, which is defined as a drop in proteinuria by greater than 50% from baseline.
ADI-001 was very well tolerated with no CRS greater than Grade 1, no ICANS and only one Grade 1 infection. There was clear evidence of an immune reset that Blake will walk you through in a bit. And all patients discontinued immunosuppressants and tapered steroids to zero or below 5 milli equivalents of prednisone daily.
So next slide, please. In the interest of time, I'm not going to go into great detail on this slide other than to remind you that there is a major unmet medical need for LN and SLE. Most patients get treated with chronic triple therapy that is two immunosuppressants and a steroid. More recently, there is even a suggestion of adding on a biologic treatment. All these therapies carry significant toxicities in these young patients. There is a clear need for a onetime therapy with a favorable safety profile that can deliver flare-free remissions without the need for these chronic therapies.
Next slide, please. Here's a quick review of our trial design. This is a Phase I study with a 3+3 basket design, which includes several autoimmune indications that you can see on the bottom left of this slide and then a dose expansion that is indicated on the bottom right. The patient's journey begins with signing consent, a screening period, conditioning regimen, cell infusion, a 28-day DLT dose-limiting toxicity evaluation period and then follow up. Patients are considered enrolled when they start conditioning.
Next slide, please. Primary endpoints for Phase I studies are always safety and tolerability, and our study is no exception. Secondary and exploratory endpoints focus on pharmacodynamic endpoints, including B-cell depletion, reconstitution and immune reset and the clinical efficacy endpoints are specific to each disease as outlined on the bottom right of this slide.
Next slide, please. Well, this is the baseline characteristics of all five LN patients and two SLE. They have follow-up ranging from 2 to 9 months, you can see they're primarily young women that have been living with their disease for quite some time, ranging from 2 to 22 years, and this reflects the typical demographics for SLE and LN.
Their baseline SLEDAI scores were in the mid-teens, and all LN patients had over 1.5 grams of protein in their urine. Patients had anywhere from three to seven prior therapies, and overall, these patient baseline characteristics are consistent with other data sets from company-sponsored clinical trials with B-cell depleting autologous cell therapies.
Let's go to the next slide, please.
So let's look at safety. ADI-001 was extremely well tolerated in these patients with no SAEs reported, no ICANS, and no CRS events greater than Grade 1. We had two patients with Grade 1 CRS, which, of course, is defined by the American Society of Transplantation and Cellular Therapy as a fever of over 38 degrees centigrade, which is about 100.4 degrees Fahrenheit. We also had one patient with a Grade 1 upper respiratory tract infection that happened about 3 months after cell infusion and resolved quickly without the need for antibiotics. Most notably, we did not have any neurotoxicity, no ICANS, no HLH, no GvHD.
Let's go to the next slide to see how ADI-001 data compares to other therapies in development.
So you could see in the blue box on the left, ADI-001 safety profile compares favorably with autologous alpha-beta CAR-T therapies in autoimmune patients. We believe this profile gives us the potential opportunity to dose ADI-001, as an off-the-shelf product in the outpatient setting. We were so encouraged by these results that we plan to speak to the FDA to see if we could administer ADI-001 as an outpatient therapy in clinical trials going forward. This would be a huge win for patients in our studies. And if approved, it will eliminate a major burden on the healthcare system by making this therapy more readily available. So please stay tuned for more information on that.
Let's move on to the next slide, please.
This slide shows the efficacy data for our LN patients specifically. You could see all five LN patients that received ADI-001, achieved a renal response. That's a wonderful outcome. In the bright blue, you can see three complete renal responses and DORIS remissions for patients LN1, LN4 and LN5. Two LN patients achieved a partial renal response, which is defined per protocol as a drop in proteinuria by more than 50% from baseline.
As far as we know, all these responses are ongoing at this time. We're also pleased to observe that the complete renal response rate shown here exceeds 40%. 40% is what regulatory authorities have signaled to other companies as a bar for success for a single-arm pivotal study for cell therapies in lupus nephritis.
Let's go to the next slide, please.
Well, this is a summary of all the SLEDAI-2000 -- SLEDAI-2K scores for all patients. We're extremely pleased to see that patients had a brisk and durable reduction in their symptoms as defined by the SLEDAI. You can see SLEDAI scores from these patients start out in the mid-teens and have a nice decline.
If you draw your attention to the orange triangle on LN1, LN4 and LN5, these are the patients that achieved a complete renal response and are also in a DORIS remission. The asterisk on this slide highlights three patients that were missing biomarker data, either anti double-strand DNA antibodies or complement levels at these particular visits. So we just assumed that they were positive to show the most conservative data for the SLEDAI-2K.
All right. Next slide, please.
This shows the PGA scores. This slide shows a rapid and sustained reduction in the Physician Global Assessment, or PGA, across all patients, which further highlights ADI-001's impact on overall disease activity. The bright blue line that you see represents the mean PGA for all patients. If you draw your attention for a moment for this orange line, mustard color, you will see the data for patient SLE-2. You could see that their PGA score decreased from 2 to 0.6 by month 3.
On the last slide, I showed you that the same SLE-2 patient had a clinical SLEDAI score of 0. So it's kind of important to highlight that this patient missed the DORIS remission cutoff by 0.1. And we're anxiously awaiting for this patient's next visit to see if they become a DORIS remission if all continues.
Next slide, please.
All patients discontinued immunosuppressants. And you see on this slide that all patients tapered their steroid use to zero or below physiologic levels, which is considered 5 milli equivalents of prednisone daily. Four of seven patients discontinued all steroids, and the remaining three tapered their steroids to 5 milli equivalent or less of pred. This is a tremendous result for patients given that current therapy includes chronic treatment with immunosuppressants and steroids that are associated with significant toxicity.
Long-term corticosteroid use, of course, leads to cataracts, diabetes, bone loss, easy bleeding, not to mention psychological issues. These treatments negatively impact quality of life for patients and their ability to live independent lives.
In summary, we're very excited with this data set. Patients want a single treatment with minimal side effects that could lead to disease remission and prevention of organ damage. We will continue to follow these patients enroll additional LN and SLE patients on the study and of course, advanced enrollment in all other cohorts.
And with that, I'm going to turn it over to Blake to summarize the data in immune reset. Blake?
Thanks, Julie. Let's go to the next slide, please. These robust clinical responses are particularly compelling and are further supported by biomarker evidence of an immune reset. We see multiple levels of evidence supporting this reset. With the loss of B-cell clones presenting at baseline and the emergence of a new less antigen-experienced B-cell repertoire. Specifically, we saw evidence of deep and broad B-cell depletion. That is the first step in a reset. Then we saw reconstitution driven primarily by naive and non-class switched B-cells.
At the genetic level, we also observed depletion of clonally dominant and potentially pathogenic B-cell receptor clones. This was followed by the emergence of a new B-cell repertoire associated with previously undetected antigen receptor sequences. So we've checked the box here on all of these.
Let's now go to the data and take a closer look. Next slide, please.
Looking generally at B-cell depletion, we can see that every patient experienced a deep and broad B-cell depletion, all with multiple time points where B cells were undetectable in the first month after treatment. This initial period of deep depletion was followed by reemergence of B cells within a 1- to 4-month window. This is very much in line with the dynamic seen with autologous CD19 CAR-Ts. With ADI-001, we are clearing the field and allowing new graphs to grow.
Next slide.
This slide provides an initial look at what these shoots are like with respect to B-cell phenotype and the degree of antigen experience associated with those B cells. Here, we show the spectrum of B-cell experience and maturation ordered from left to right, starting with the less antigen-experienced naive B-cell on the left and running through the most antigen experienced plasmablasts on the far right.
Here, we see that the reconstitution of B cells was primarily driven by naive, transitional, and non-class switched B cells, which is exactly what we want to see. And this is again in line with what has been previously seen with autologous CD19 CAR-Ts. These data are consistent with the current level of definition of an immune reset as reported by others. However, this doesn't objectively tell us about how these B cells are engaging with their antigens. To get a more objective view of this, we turn to deep sequencing of B-cell receptors which is how these cells recognize and engage auto-antigens.
Let's go to the next slide.
This slide shows our insights from deep sequencing in three patients from whom samples are available and demonstrate that dominant B-cell receptor clones that were seen at baseline were broadly eliminated after treatment with ADI-001, and were largely not detectable in reemerging B cells. Sorted from top to bottom are dominant B-cell clones, each expressing a unique B-cell receptor and the relative abundance of these clones is depicted by the depth of color.
In the right column for each of these patients, we see that these clones were broadly eliminated in B cells that reemerge at the 6-month and 3-month time points following treatment with ADI-001. Using deep sequencing, we can see that we are clearing the field and initiating an immune reset at the B-cell receptor level at the level where these cells engage with antigens. We can use this same analysis to evaluate whether the grass that grows in its place is in fact new.
Let's go to that in the next slide.
Here, we expand the view of it, looking again at the dominant B-cell receptor seen at baseline, now shown in pink for each of these patients. Following these tracks, we can see that these were largely eliminated and no longer detectable in B cells reemerging following treatment with ADI-001.
Similarly, in blue, we have highlighted B-cell receptor sequences that were not detected or present at baseline. We can see that these patients' B-cell repertoires are largely repopulating with completely novel B-cell receptor sequences, suggesting that these patients have experienced an immune reset at the antigen receptor level, representing a new B-cell repertoire. This depth of view for the immune reset is very much a story of out with the old and in with the new.
Let me pass it back to Chen.
Thanks, Blake. Next slide, please. This slide shows the sustained reductions in SLEDAI scores across industry-sponsored clinical trials with autologous CD19 alpha-beta cell therapies.
As you can appreciate, the sustained reduction in SLEDAI with ADI-001, is overall consistent with these data. Importantly, obe-cel on the top right observed three CRRs out of six LN patients or a 50% complete renal response rate. Rap-cel on the top middle chart presented a very robust data set at EULAR just a few months ago. The data set included 12 LM patients and nine SLE patients. And on the next slide, we can see the percentage of patients that resolved that proteinuria.
Next slide, please.
As you can see on the top right of this slide, the percent of patients with proteinuria dropped from approximately 70% at screening to 35% by month 12, suggesting approximately a 50% complete renal response rate. So we have two examples of company-sponsored clinical studies with autologous CD19 alpha-beta CAR-T in LN patients demonstrating an approximately 50% complete renal response rate. And these data are very consistent with the CRR rate we are observing with ADI-001. ADI-001 has the advantage of being off the shelf and generally well tolerated, hence potentially optimal for dosing in an outpatient setting.
Next slide, please. As Julie mentioned earlier, regulatory authorities have signaled to other companies that the bar for success in single-arm pivotal studies with cell therapies in LN is a complete renal response rate of 40%. This slide shows the pivotal studies underway in LN and SLE and LN with autologous CD19 alpha-beta CAR-T product candidates.
Let's go to the next slide. There are two key takeaways from the data we presented today. One, this clinical data supports the potential of ADI-001, as an off-the-shelf immune resetting, onetime, well-tolerated therapy that could be used in the outpatient setting. And two, we believe that a product candidate with this product profile could enable treating physicians to provide patients with LN or SLE with a potential of onetime therapy that leads to disease remission or how disease progression, while patients discontinue the use of chronic immunosuppressants and reduce the dose of corticosteroids to zero or below physiological levels. This could be a transformational treatment for many patients with autoimmune diseases.
Next slide, please. We have now activated over 25 clinical sites globally, which is a testament to our team's focus and excellent execution as well as demonstrating investigators' interest in ADI-001. The pace of enrollment, we are now observing reinforces our confidence in our timelines for future milestones.
Next slide, please. We believe there is a significant market opportunity in front of us and that ADI-001 has the potential to change clinical practice across multiple autoimmune indications. In addition to the six indications we already have underway in our Phase I program, we have recently opened enrollment for a new Phase I study for the treatment of RA. This trial will explore the use of ADI-001, following Cy/Flu versus Cy only conditioning. With these trials underway, we are poised for a number of milestones in 2026, as outlined on the next slide.
We plan to request a meeting with the FDA in the first quarter of 2026 to inform Phase II pivotal trial design in LN or in LN and SLE, with the study anticipated to commence in the second quarter of 2026. Precedent Phase II pivotal trials with B-cell targeted cell therapies suggest that the relatively small single-arm pivotal study may suffice given the transformational clinical benefits observed with immune resetting cell therapies. Stay tuned for these updates. SLE and LN patient enrollment to the ongoing Phase I is expected to continue until the Phase II pivotal study is open for enrollment. The Phase I program is now open for enrollment of patients with Systemic Cirrhosis, Myositis, Stiff Person syndrome, ANCA vasculitis, and RA. We expect 2026 to be a year with many meaningful milestones.
In the first half of 2026, we expect the following milestones. A clinical update in SLE and LN with more patients enrolled to our Phase I study and longer follow-up. We expect to announce alignment with the FDA on the pivotal study design in LN or in LN and SLE. We expect to announce the initiation of a pivotal study in LN or LN and SLE. We expect a clinical update in systemic sclerosis and a potential clinical update in other autoimmune indications.
In the second half of 2026, we expect to provide the following milestones. A clinical update in SLE and LN, a clinical update in systemic cirrhosis, clinical data from our study in RA, that we recently opened for enrollment, and a potential clinical update in other autoimmune indications. We also have an ongoing program with ADI-212 in metastatic prostate cancer. We plan to file an IND for the program in the first quarter and clinical clinical data potentially in the second half of next year.
With that, let's open the call for Q&A. Operator?
[Operator Instructions] Our first question will come from Jenna Li with Jefferies.
2. Question Answer
This is Jenna joining for Clara at Jefferies. Congrats on this data. We have two questions, if we may. The first one is, can you help us understand if there were any notable trend in LN2 and LN3, both of which had complete B-cell depletion. Are you observing anything that could suggest they may advance towards complete remission with longer follow-up? And specifically on the SLEDAI chart, I noticed that for both of these patients, the last month had a start on it, and it looks like there were some unavailable samples and some assumptions. If you could just elaborate on that and how that could change or evolve over time?
Sure. Let me start and then perhaps Julie can add. So first of all, what success looks like, if we -- in 50% of the patients, if we can see a complete renal response and they stop taking their immunosuppressants and reduce corticosteroids to zero or below 5 milli equivalent of prednisone, that's a huge win. Keep in mind that otherwise, these patients will continue to be immunosuppressed and tend to die in their 50s from kidney failure. So that's a big, big win.
Regarding the question of LN2 and LN3, Julie, perhaps you can share some background. I think patient 2 had many years of disease, if I recall.
Yes. And thank you. That is correct. Patient 2 had disease for 22 years. She's our longest duration. These two patients are the ones that had a partial renal response, that decreased their proteinuria by greater than 50%. As Chen said, this is still a major win for them that they're off immunosuppressants and off steroids or nearly off steroids with less than 5 milli equivalents.
And you had in the -- there was a second question. Can you remind us what was the second question?
Asterisk. Yes, essentially -- so for example, LN2 and LN3, we just wanted to get you guys there best update as of August 31. So for example, for LN2 and LN3, we brought them to unscheduled visit. And in that unscheduled visits, we got their clinical fleet, but we didn't have the sample to analyze for dsDNA or for C3 and C4. So we just assume they're positive for the most conservative view of the SLEDAI-2K score.
Okay. Got it. And if I may, how would this data inform your thinking on next steps? Potential design for registrational patient selection, baseline, dose, et cetera.
Yes, absolutely. They say, the work of the holy ones is done by others. So first of all, other companies like BMS or Autolus or Novartis have moved to potentially pivotal studies after data sets along the number of patients that we provided, the same duration of follow-up. What we know based -- there was a slide here in the deck. What we know is that these studies tend to be single arm, number of patients in the 30 to 90 patients, and the endpoint is a complete renal response and the bar is at least 40%.
So what's the design? It's kind of out there and we expect to follow what the others have established in the field. The only question that we have is the pivotal design in LN or in LN and SLE or maybe start with an LN and then expand to an LN and SLE, and we'll discuss this with the FDA in the first quarter of next year.
In the interest of time, please limit to one question. Our next question will come from Yatin Suneja with Guggenheim.
Perfect. Julie and Chen, thank you so much for the presentation. Excellent results here. Obviously, very impressive in terms of both efficacy and safety. So the question I have is around durability. Could you maybe talk about your view on the durability? How should we think about that, maybe contextualize some of the immune reset results that you are seeing in that regard? So that's sort of first question.
And then the second, which is a quick question is, could you just let us know what was the lymphodepletion doses that you use? Was it similar to what we are seeing with other CAR-T auto designs?
Sure, absolutely. We're very happy with the durability. What's nice to see is generally immune resetting therapies show very nice durability. So as you can see, just as an example, LN1 had a complete trailer response at month 1 and has a follow-up of 9 months. Generally, all the patients as of August 31, we've seen very nice responses. I can confirm to you that as of now, we're not aware of any relapse. And if we're aware of anything, then patients continue to improve. So we're very, very happy with what we're seeing here.
The data in terms of the number of patients and follow-up of patients is completely consistent with what autologous cell therapy companies had before they started their pivotal studies.
So that was one question, and you had another question, lymphodepletion. The lymphodepletion regimen here is very consistent with autologous cell therapies that are going into pivotal studies. There is nothing unique about it.
Our next question will come from Asthika Goonewardene with Truist.
This is Karina for Asthika. Congrats on the data. I guess, you mentioned like on baseline characteristics, but how would you compare the baselines to other LN trials? And I guess more specifically, is it more similar to George Schett's baseline characteristics?
Absolutely. First of all, thank you for asking. What we're not comparing, we're not comparing to baseline characteristics of a ISTs. What we are comparing is generally to baseline characteristics of other company-sponsored studies. But even if compared to Schett, it might be the same.
Overall, when you look at the age, it's approximately the same. If you look at the duration of disease, 2 to 22 years is very much the same. If you look at the SLEDAI score, our mean was 14. If you look at Novartis, which is the largest industry-sponsored study that was presented so far, their mean SLEDAI at screening was, guess what, 14. If you look at the UPCR, above 1.5. This is definitely an LN patient. We confirmed all LN patients with a recent biopsy. If you look at the number of prior line of therapies, 3 to 7 is very consistent with other studies.
And if you look at the corticosteroid levels, they all were on steroids. So bottom line, if you compare our data set to the data set presented by small companies like BMS or Novartis, and also Autolus very consistent with their data set. If you look at our SLEDAI reduction, very consistent. If you look at the baseline characteristics, very consistent. And if you look at the complete renal response very consistent. So we're very happy with this data.
Okay. That's helpful. And I guess another one is regarding pivotal study. Would this potentially be single-arm similar to obe-cel and BMS? Or how are you thinking about the pivotal design?
Again, can you repeat the question? I just want to make I understand it.
Yes. On the pivotal design, are you thinking about doing potentially a single-arm study similar to Autolus and BMS? Or how are you thinking about the design?
Yes, absolutely. So we know that the clinical benefit that we see with these studies are so transformational that the pivotal study this year are expected to be single arm, relatively small with an endpoint that's relatively short in the 6-month range and the endpoint is complete real response or it might be, in some cases, it might be dose remission if it includes SLE. Yes, absolutely. We expect relatively small single-arm pivotal study, and we'll discuss this with the FDA in the first quarter of next year and hopefully start the study in the second quarter.
Absolutely. The range is approximately 30 to 90 patients based on what we've seen from other companies.
Our next question will come from John Newman with Canaccord Genuity.
Congrats on the tremendous amount of hard work that you guys have put in to this study and all the programs. This is a really great day for lupus patients and autoimmune patients. Just had two quick questions. So just following on to one of the earlier questions, we saw with Novartis' data for rapcabtagene, they saw a very rapid decline in a lot of the SLEDAI-2K items, including proteinuria. And importantly, that proteinuria, even though it didn't go to zero, it continued to drop over time. So my question is, is it reasonable to expect that in patients, I believe LN2 and LN3, we could still continue to see some improvement in terms of the proteinuria as patients continue to be followed?
Yes. Let me try to address it, and if Julie has something to add, that's great. So keep in mind that gamma delta-1 T-cells have tissue tropism, including the kidneys. By the way, we did confirm this in our RCC study with a different gamma-delta 1 cell therapy, where we saw significant exposure in the kidney.
What does that mean? If you look actually at Novartis' data set, they saw a 50% reduction in the patient -- in the percent of patients with proteinuria at month 12. What we saw three out of five, i.e., 60% of the patients with complete renal response at month 6. So this only may suggest that patients might get better sooner on the Lupus Nephritis components. So we're very, very happy with that. Regarding the continued improvement in the kidney function, it's something that we have seen and I can tell you that today, all the responses are ongoing or even getting better.
The other point I might mention to you, there was one slide that we presented that show the RAxul data. I discussed the right side of the slide, where I show this 50% reduction in proteinuria. I want to point your attention to the left side of this slide, where actually Novartis outlined in blue, the reduction of SLEDAI in the SLE patient. And in green, the reduction in SLEDAI in the LN patients. And as you can see, the reduction in the LN patients, there is like a little bit of a plateau around 4. And based on the data that we see, you can see that this is a more persistent proteinuria. So overall, our data compare very well to Novartis, if only maybe you see a faster resolution of the proteinuria in patients. Great question, John.
And then, just one quick follow-up question. Can you comment on how you taper the immunosuppressant before treatment with auto cell. And also importantly, how does this compare to an autologous CAR-T where patients may be off of immunosuppression, may need to be off of immunosuppression during manufacturing. Just in terms of ease of use for both the patient and the physician.
Yes, yes. Let me walk me through the journey, because it's very different. So generally, with autologous cell therapies, you want patients to discontinue immunosuppressants, let's say, a month before the leukapheresis, because you want to get their cells with good fitness. So you stop immunosuppressants for a month, then you need to schedule a leukophoresis chair and fight for the resources in the hospital, because there's not a lot of leukophoresis chairs in terms of capacity. Then you get the leukophoresis. Then you wait approximately a month before starting the treatment. So the patient needs to be for approximately 2 months of immunosuppressants before they start the study.
Then you need to schedule time with HemOnc, because these are autologous alpha-beta T-cells and you never know who's going to get the high-grade ICANS, right? It's -- you just never know. We see these events of Grade 3 and Grade 4 ICANS with autologous cell therapies. So they need to get resources from HemOnc to really watch over these patients and manage all of their toxicities.
In our case, it's very simple. Patients get into screening. Screening is 28 days during the screening that take off their immunosuppressants. And then, they come and after 3 days of conditioning, they get a single dose of ADI-001, and it's very well tolerated, very well tolerated. No ICANS and just two cases of CRS, which were just Grade 1 and simple fever. So very, very different. In our case, you just stop immunosuppressants during screening and started treatment. Much, much, much, simpler for the patient and for the treating physician.
Your next question will come from Robert Driscoll with Wedbush.
Some really nice data here. I just wondering if there is a way to kind of characterize which patients may have more severe existing kidney damage at baseline just in terms of maybe predicting which of those kind of lupus nephritis patients kind of may have those more persistent proteinuria scores following treatment?
Julie, any feedback you can provide here? I think the field is really young in trying to define who will respond and who will not.
Yes, I tend to agree in clinical practice, when you do biopsies, you look at chronicity and activity scores, but none of that has panned out to really correlate exactly with outcome.
Yes. But Robert, I would just add to you, having three CRRs out of five is amazing, but also two -- if two of the patients are at partial renal response, it's also great, because keep in mind dose immunosuppressants and corticosteroids have such significant toxicities. And in many cases, patients with LN die in their 50s. In many cases, because of an infection, because they have been immunosuppressed for decades. So if you can give them one treatment and only halt the disease progression, and they stop taking these chronic immunosuppressants and high-dose steroids, that's still an amazing outcome, like we want to prevent disease progression and further organ damage in these patients.
So even if you can predict who is going to be a partial renal response still, it's great help for these patients to be able to stop their chronic immunosuppressants and steroids.
Yes. That makes sense. And then, maybe just sneak one more in. Just on the dose going forward. Just how are you thinking about that?
Sure. So we're very, very happy with the efficacy that we're seeing and the safety per protocol. We're increasing the dose to 1e9. We already started dosing the 1e9 dose. But based on the data so far, we expect a recommended Phase II dose to be 3e8. We can see us improving efficacy more. This is as good as it gets when you compare it to all the autologous cell therapies. So that's currently what we expected to recommend Phase II dose of 3e8.
Your next question will come from Reni Benjamin with Citizens JMP.
Congratulations Chen and team on the data. A couple of questions for you, I guess. One, any thoughts on potential re-dosing of these patients, especially the partial renal responses? And as you think about the 25 sites that are now activated and kind of the current enrollment trends, as we think about the next update that's coming in the first half of '26, how many more patients do you think we might see?
And in terms of durability, what do you think is the kind of durable response rate?
Reni, you got to stop. You asked three questions. So let's go one by one. So the first one, can you repeat? Let's just go one by one.
Yes. Any thoughts on redosing?
No. We don't have right now any thoughts about redosing. This is single-dose treatment, and it produced great data so far. We certainly have the ability to redose. This is an off-the-shelf product and there is no prevention for people to redose in the future. But right now, this protocol is a single administration. So that was one question.
And then, the next question was regarding site. So currently, we have -- we actually have more interest for more sites that are interested in joining the study. So we expect to continue to increase the number of sites. We see increased enrollment -- increased interest in enrollment to the study patients -- or sorry, investigators that provided one patient to the study, very quickly come with their second patient with LN or SLE or with patients with systemic cirrhosis and now we see patients interested with myositis and ANCA vasculitis. So this process, once you have a drug that's off-the-shelf well tolerated and provides these type of efficacy, it just kind of fit itself and you see more and more interest from patients and from physicians and from sites.
So we're actually very optimistic about the pace of enrollment here. I can say that, if you told me that the three patients per month, let's put it this way as of now, enrolling three patients per month wouldn't be something that wouldn't be normal for the company, but we have not guided for how many patients will have in the first half of next year update. But I would -- I believe that this data that we're presenting today de-risks the pivotal study in a very significant way.
And next -- in the first half of next year, following the discussion with the FDA and the additional patients that will present the pivotal study will be completely de-risked, but we'll see that in the very near future. That was your second question, and there was a third, if I remember.
Yes. Thanks. As we think about the competitive landscape, the fact that there are registrational studies, kind of, ongoing right now. How do you see 001, maybe threading that needle in a world, right, not just for clinical execution, but in a world where, let's say, there's multiple cell therapies approved, right, in something like LN?
Reni, we don't need to thread the needle. Because the tolerability that we see here should enable us to dose in outpatient settings. This opens the universe to so many sites that are interested in joining these studies, but just so far, don't have the capabilities, because they don't have the leukophoresis bed and they don't know how to manage these CRS and ICAN. So from a clinical execution, we see a great potential.
In clinical practice, we would expect the same advantage to continue, because if you're a patient, why would you stop immunosuppressants for 2 months and you might flare, then do the leukophoresis and then be concerned about CRS and ICANS. If you can just take something that's available off-the-shelf and is safer and doesn't require all the hassle around the total cell therapy. So we believe that this actually positions us for great success with an off-the-shelf and differentiated product.
Your next question will come from Soumit Roy with Jones Trading.
Congrats on durable data, especially the robust immune reset. A quick one on the CRR EGFR definition. Is it going to be in line with Cabaletta autologous type cell therapy names where greater than 60 ml per minute? Or is it are Roche and GSK, they are doing it at 85 to 90 ml per minute. Is that something still up in the air and needs to be sorted out with the FDA?
No, I don't think so, and Julie might correct me here. The complete renal response, that definition that we're using is the one that's applicable for pivotal studies essentially proteinuria needs to go to below 0.5. And EGFR needs to be stable, i.e., don't want to see a reduction of more than 15% in the EGFR. That's the definition in pivotal studies. That's a definition that we're using. And separately, EGFR above 60 is considered in the normal range, but that's unrelated to the definition of complete renal response.
Julie, anything that you would correct here?
No, that's absolutely correct. Everything above 60 is normal.
Got it. One quick one is the dose levels for the patients 2 and 3. If you can remind us, was this 3 million? Or was it lower versus 1, 4 and 5 patients?
Yes. It's actually on the first slide, the dose for the first 3 patients with LN was 1e8, that's 100 million CAR-T cells, and the dose for the next 2 patients was 3e8, which is 300 million CAR-T cells.
Our final question will come from Robert Burns with H.C. Wainwright.
Congrats on the data. Just one for me, if I may. So given the strength of this data set as well as the allogeneic differentiation or 001 relative to the autologous competitors, how are you thinking about potential BD opportunities for 001, both in the U.S. as well as ex U.S.?
Yes Absolutely, Robert. Well, certainly, I can tell you that there is generally interest in BD, but we're going to be opportunistic. When it comes to BD, we absolutely want to make sure we maximize shareholders' value. We believe that the valuation of the company and that's reflected in the program right now is completely not in even remotely even close to the ZIP code where it should be, but we'll be listening to BD opportunities. But again, we want to execute, build value and generate the right returns for patients and progress aggressively with this program. We have the sites engaged. We have more sites engaged, we know what a pivotal study looks like. We can execute on a pivotal study. So Robert, we want to run.
Awesome. I love hearing that. Thank you guys.
We have reached the top of the hour. This concludes today's call. Thank you for joining us, and goodbye.
Adicet Bio Inc — Special Call - Adicet Bio, Inc.
Financial data from Adicet Bio Inc
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | - - |
-
100%
|
|
| - Direct Costs | - - |
-
-
|
|
| Gross Profit | - - |
-
-
|
|
| - Selling and Administrative Expenses | 20 20 |
22%
22%
-
|
|
| - Research and Development Expense | 84 84 |
17%
17%
-
|
|
| EBITDA | -98 -98 |
18%
18%
-
|
|
| - Depreciation and Amortization | 5.59 5.59 |
15%
15%
-
|
|
| EBIT (Operating Income) EBIT | -104 -104 |
18%
18%
-
|
|
| Net Profit | -99 -99 |
17%
17%
-
|
|
In millions USD.
Don't miss a Thing! We will send you all news about Adicet Bio Inc directly to your mailbox free of charge.
If you wish, we will send you an e-mail every morning with news on stocks of your portfolios.
Adicet Bio Inc Stock News
Company Profile
resTORbio, Inc. is a clinical-stage biopharmaceutical company. The firm engages in the development and commercialization of medicines for aging-related diseases and conditions. It offers an immunotherapy under the TORC1 program. The company was founded by Chen Schor and Joan Mannick on July 5, 2016 and is headquartered in Boston, MA.
StocksGuide Premium
| Head office | United States |
| CEO | Mr. Schor |
| Employees | 102 |
| Founded | 2014 |
| Website | www.adicetbio.com |


