Adicet Bio(ACET)2024-05-14 20:03Clinical Trials and Developments - Adicet plans to initiate a Phase 1 clinical trial for ADI-001 in lupus nephritis in Q2 2024, following FDA clearance of its IND application in December 2023[2] - Adicet presented promising preclinical data for ADI-270 at the ASGCT Annual Meeting, with plans to submit an IND for renal cell carcinoma in Q2 2024[4] - The company is continuing to enroll patients in the ongoing Phase 1 study of ADI-001 for relapsed or refractory non-Hodgkin's lymphoma, with a clinical update expected in the second half of 2024[5] - Adicet aims to expand ADI-001's clinical applications to additional autoimmune diseases, with preliminary data expected in late 2024 or early 2025[3] Financial Performance - The net loss for Q1 2024 was 0.35 per share, compared to a net loss of 0.72 per share, in Q1 2023[7] - R&D expenses for Q1 2024 were 26.8 million in Q1 2023, primarily due to reduced expenses related to contract development manufacturing organizations[6] - Total operating expenses for Q1 2024 were 33.3 million in Q1 2023[14] - The company reported interest income of 2.7 million in Q1 2023[14] Cash and Assets - Cash and cash equivalents stood at 231.6 million in the same period last year, expected to fund operations into the second half of 2026[7] - Total assets increased to 207.3 million at the end of 2023[15]