Adicet Bio, Inc., a biotechnology company, discovers and develops allogeneic gamma delta T cell therapies for cancer and other diseases. The company offers gamma delta T cells engineered with chimeric antigen receptors and T cell receptor-like antibodies to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and enhance persistence for durable activity in patients. Its lead product in pipeline includes ADI-001, which is in Phase I clinical study for the
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 137.6 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 137.6 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 137.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 137.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 137.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 137.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 137.6 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -20.2 | -21.6 | -20.2 | -21.5 | -21.5 | -0.0 | 137.6 | 13.9 | 10.7 | -195.9% | -879.5x | -- |
| Est | 2025-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 137.6 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 0.0 | -29.0 | -31.9 | -30.5 | -20.9 | -20.9 | -0.0 | 158.5 | 14.7 | 6.9 | -196.8% | -1209.1x | -- |
| Act | 2025-Q3 | 0.0 | -25.3 | -28.0 | -26.9 | -22.3 | -22.5 | -0.2 | 103.1 | 15.5 | 5.7 | -719.7% | -2105.9x | -- |
| Act | 2025-Q2 | 0.0 | -29.6 | -32.4 | -31.2 | -26.6 | -26.7 | -0.1 | 125.0 | 15.4 | 5.7 | -843.6% | -- | -- |
| Act | 2025-Q1 | 0.0 | -26.5 | -29.9 | -28.2 | -25.4 | -26.9 | -1.5 | 150.4 | 16.3 | 5.7 | -735.9% | -- | -- |
| Act | 2024-Q4 | 0.0 | -27.1 | -30.7 | -28.7 | -24.1 | -24.3 | -0.2 | 176.3 | 17.2 | 5.5 | -400.1% | -27103.0x | -- |
| Act | 2024-Q3 | 0.0 | -28.9 | -33.2 | -30.5 | -22.0 | -22.4 | -0.4 | 202.1 | 18.2 | 5.7 | -231.8% | -28885.0x | -- |
| Act | 2024-Q2 | 0.0 | -28.3 | -32.9 | -29.9 | -23.4 | -23.7 | -0.3 | 224.1 | 19.1 | 5.7 | -158.9% | -- | -- |
| Act | 2024-Q1 | 0.0 | -26.4 | -30.9 | -28.0 | -22.9 | -23.1 | -0.2 | 247.6 | 20.0 | 4.9 | -113.6% | -13181.5x | -- |
| Act | 2023-Q4 | 0.0 | -27.8 | -31.6 | -29.5 | -23.5 | -23.6 | -0.1 | 159.7 | 20.9 | 2.7 | -603.4% | -- | -- |
| Act | 2023-Q3 | 0.0 | -48.2 | -52.3 | -49.9 | -21.2 | -22.1 | -0.9 | 183.3 | 21.8 | 2.7 | -959.1% | -48239.0x | -- |
| Act | 2023-Q2 | 0.0 | -30.9 | -34.9 | -32.4 | -24.9 | -26.4 | -1.5 | 205.5 | 22.6 | 2.7 | -308.0% | -7722.3x | -- |
| Act | 2023-Q1 | 0.0 | -29.6 | -33.3 | -30.9 | -24.1 | -26.0 | -1.9 | 231.6 | 23.5 | 2.7 | -179.9% | -1558.3x | -- |
| Act | 2022-Q4 | 0.0 | -28.8 | -31.6 | -29.9 | -18.8 | -25.3 | -6.5 | 257.7 | 21.0 | 2.6 | -127.6% | -1107.3x | -- |
| Act | 2022-Q3 | 0.0 | -21.2 | -23.0 | -22.0 | -15.3 | -20.1 | -4.8 | 282.7 | 21.7 | 2.6 | -72.6% | -1178.8x | -- |
| Act | 2022-Q2 | 0.0 | -22.1 | -22.7 | -22.5 | -14.7 | -17.6 | -2.9 | 260.6 | 22.4 | 2.5 | -87.3% | -1228.6x | -- |
| Act | 2022-Q1 | 25.0 | 5.0 | 4.7 | 4.6 | 4.1 | 1.5 | -2.6 | 277.9 | 20.6 | 2.9 | 15.5% | 277.1x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 143.04 | — | -268.6% | -67 | n/m | n/m | n/m | 401.1× |
| 2023 | 30.24 | -100.0% | — | -137 | n/m | n/m | n/m | — |
| 2024 | 15.39 | — | — | -111 | n/m | n/m | n/m | — |
| 2025 | 8.42 | — | — | -110 | n/m | n/m | n/m | — |
| TTM | 9.31 | — | — | -104 | — | — | 0.0× | — |
| 2026E | 9.31 | — | — | 0 | — | — | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Adicet Bio is a clinical-stage biotech with zero revenue, a $584M accumulated deficit, and a history of aggressive dilution that has destroyed shareholder value. The company's sole value driver is prula-cel (ADI-001) in autoimmune indications, where early Phase 1 data in Lupus Nephritis is genuinely encouraging (100% renal response). However, the path from here to value creation requires successful Phase 2/3 trials, FDA approval, and commercialization — all while burning ~$75-80M/year with only ~$103M in cash. The recent reverse stock split and $1.00/share offering are classic signs of a distressed capital structure. While the gamma-delta T cell platform is scientifically differentiated and the autoimmune pivot is timely, the risk/reward at current levels is poor given the near-certainty of further dilution, competition from better-capitalized CAR-T players (Kyverna, BMS), and the binary nature of clinical outcomes. This is a speculative lottery ticket, not an investment.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $3.50/$8.00 | 0 | --/$4.50 | 1 |
| $2.50 | --/$0.50 | 5 | --/$4.50 | 0 |
| $5.00 | $1.00/$5.50 | 4 | $0.25/$0.75 | 20 |
| $5.00 | --/$2.45 | 0 | $2.00/$7.00 | 0 |
| $7.50 | $0.10/$4.90 | 15 | --/$2.75 | 27 |
| $7.50 | --/$1.40 | 0 | $4.50/$9.50 | 0 |
| $10.00 | --/$4.90 | 94 | $0.70/$5.50 | 2 |
| $12.50 | --/$2.50 | 7 | $2.80/$7.50 | 1 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net sellers — bought 10.2% of float, sold 12.5%. 5 filers moved >1% of shares (2 buying, 3 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| REGENERON PHARMACEUTICALS, INC. | $412K | $15.39 | +$0 | −$6.2M | +16.9% | $47.9M |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Top-5 holders · 100.0%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 0M | 0M | -26M | $-4.64 | $-5.71 – $-2.68 | 4 |
| 2025 Q4 | 3M | 1M | -31M | $-2.91 | $-3.23 – $-2.58 | 3 |
| 2026 Q1 | 0M | 0M | -33M | $-3.08 | $-3.20 – $-2.94 | 3 |
| 2026 Q2 | 0M | 0M | -23M | $-2.18 | $-2.57 – $-1.77 | 3 |
| 2026 Q3 | 0M | 0M | -21M | $-1.93 | $-2.78 – $-1.06 | 3 |
| 2026 Q4 | 0M | 0M | -18M | $-1.66 | $-1.66 – $-1.66 | 1 |
| 2027 Q1 | 0M | 0M | -15M | $-1.37 | $-1.37 – $-1.37 | 1 |
| 2027 Q2 | 0M | 0M | -15M | $-1.38 | $-1.38 – $-1.38 | 1 |
| 2027 Q3 | 0M | 0M | -13M | $-1.21 | $-1.21 – $-1.21 | 1 |
| 2027 Q4 | 0M | 0M | -13M | $-1.23 | $-1.23 – $-1.23 | 1 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-08 | SELL | ORBIMED ADVISORS LLC | 10 percent owner | 72,939 | $6.42 | $468K | $0 |
| 2026-04-07 | SELL | ORBIMED ADVISORS LLC | 10 percent owner | 31,719 | $6.52 | $207K | $212K |
| 2026-02-20 | BUY | RA CAPITAL MANAGEMENT, L.P. | 10 percent owner | 74,751 | $7.27 | $543K | $8.60M |
| 2026-02-19 | BUY | RA CAPITAL MANAGEMENT, L.P. | 10 percent owner | 74,268 | $7.21 | $535K | $7.99M |
| 2026-02-18 | BUY | RA CAPITAL MANAGEMENT, L.P. | 10 percent owner | 74,577 | $7.04 | $525K | $7.28M |
| 2025-10-08 | BUY | ORBIMED ADVISORS LLC | 10 percent owner | 5,000,000 | $1.00 | $5.00M | $9.03M |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Human Health | $85.0M | -18% |
| Pharmaceutical Ingredients | $42.0M | +25% |
| Performance Chemicals | $36.6M | +7% |
| UNITED STATES | $535.7M | NEW |
| GERMANY | $96.7M | NEW |
| FRANCE | $36.6M | NEW |
| Asia Pacific | $30.3M | NEW |
| NETHERLANDS | $12.0M | NEW |
Filing Risk Analysis
Filing Risk Scores
Adicet Bio, Inc.: High-Velocity Cash Incineration and Governance-Linked Dilution Risks
Counter-Thesis
Counter-Thesis & Recent News
In January 2026, Adicet reached a significant regulatory milestone by aligning with the FDA for outpatient dosing of prula-cel (ADI-001) in Lupus Nephritis (LN) and Systemic Lupus Erythematosus (SLE), potentially lowering administration barriers. This follows positive preliminary Phase 1 data (October 2025) where 100% of LN patients achieved a renal response and were able to discontinue immunosuppressants. The company has extended its cash runway into 2H 2027 via a recent underwritten offering, providing stability through upcoming 1H and 2H 2026 clinical updates.
The bear thesis focuses on a history of heavy share dilution (shares outstanding grew ~77% in late 2025) and a recent reverse stock split implemented to maintain NASDAQ listing requirements. Critics argue that the company's lack of revenue and projected 2025 net loss of $1.13 per share make it a high-risk 'money pit.' Furthermore, the reliance on Vδ1 gamma-delta T cells is unproven, as no therapy using this specific platform has yet received FDA approval, creating high regulatory and execution hurdles.
A major red flag is the technical 'Strong Sell' signal from some quantitative models (e.g., Intellectia AI) due to a persistent falling price trend despite positive clinical press releases. Additionally, while the cash runway is extended, the ongoing high burn rate and recent 30% workforce reduction suggest significant internal pressure to produce a 'homerun' result soon or face further restructuring. The reverse split is often viewed by contrarians as a sign of fundamental weakness in stock demand.
Adicet faces intense competition from established CAR-T players and other biotech firms targeting autoimmune diseases (e.g., Kyverna, Bristol Myers Squibb). The company also faces internal pipeline risks after halting its ADI-270 program for renal cell carcinoma to pivot resources. If competitors with more traditional alpha-beta T-cell platforms reach the market first or show superior durability, Adicet’s first-mover advantage in gamma-delta T cells could be negated.
Clinical trial participant sentiment is exceptionally high based on early efficacy reports; 100% of evaluable LN patients saw rapid, sustained reductions in disease activity (SLEDAI-2K) and improved renal function. Patients in the study successfully tapered or discontinued corticosteroids, a major 'quality of life' win that suggests high potential demand for prula-cel as a one-time 'immune reset' over chronic immunosuppressive therapy.