Adicet Bio's Q2 2026 net loss narrowed 32% to $21.4 million, partly because its lupus trial stopped enrolling new patients, leaving $118.2 million in cash (guided to last into 2H 2027) to carry prula-cel toward a pivotal lupus nephritis study.
Net income
-$21M
-31.6% YoY
Diluted EPS
$-1.99
-63.7% YoY
Spending cut by a third, but partly because the trial stopped enrolling
Adicet Bio has no products on the market and no revenue, so its quarterly results come down to three questions: how much money did it spend, how much cash is left, and how are the drug trials going. In the second quarter of 2026 (April to June), Adicet's net loss narrowed to $21.4 million from $31.2 million a year earlier, because total operating expenses fell 31% to $22.3 million. The 10-Q is candid about where much of that saving came from: the biggest single item was a $4.0 million drop in payments to contract research organizations (CROs, the outside firms that run clinical trials) "due to no new enrollment of patients." Headcount cuts after a July 2025 workforce reduction did the rest. The company ended June with $118.2 million in cash and short-term Treasury investments and still says that is enough to fund operations "into the second half of 2027."
After the quarter closed, on September 28, 2026, Adicet released the lupus data it had been promising, and it is the more important news: half of the evaluable lupus nephritis patients had a complete kidney response at 12 months after a single dose, with no severe immune side effects reported. That result is what the company's funding plans now rest on.
At a glance
Net loss $21.4 million, down 32% year over year. Spending fell across research, staff and facilities, but part of it reflects a paused trial rather than permanent savings.
$118.2 million in cash and Treasuries, down $40.3 million in six months. At the first-half pace of about $20 million a quarter, that is roughly five to six quarters of money, which fits management's "into the second half of 2027" guidance.
Loss per share $1.99, versus $5.48 a year ago (64% smaller). Most of that improvement comes from having nearly twice as many shares after an October 2025 stock sale, not from the smaller loss.
The numbers
Adicet reports no revenue. All of its past revenue came from a collaboration with Regeneron, and none was recorded in either period below. Revenue and operating margin are therefore left out.
Metric
Q2 2026
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Q2 2025
YoY Change
Revenue
none
none
n/a
Research and development (R&D)
$18.5M
$28.4M
-35%
General and administrative (G&A)
$3.9M
$4.0M
-3%
Total operating expenses
$22.3M
$32.4M
-31%
Net loss
-$21.4M
-$31.2M
Loss narrowed 31.6%
Net loss per share (diluted)
-$1.99
-$5.48
Loss narrowed 63.7%
Weighted-average shares
10.75M
5.69M
+89%
Cash, equivalents & short-term investments (June 30 vs Dec 31, 2025)
$118.2M
$158.5M
-$40.3M in six months
Operating cash burn (six months)
$41.3M
$52.0M
-21%
"Operating cash burn" here is net cash used in operating activities, the real cash the business consumed to run itself.
Where the spending went
R&D, which covers the scientists, the cell-manufacturing work and the clinical trials, is about 83% of Adicet's costs. It fell by $10.0 million. The 10-Q breaks this down as:
$4.0 million less paid to CROs, "due to no new enrollment of patients." The filing does not give a reason for the pause. The lupus data released in September covered 22 patients who had already been dosed and were being followed.
$2.8 million less in payroll, "due to lower headcount." Adicet cut staff in July 2025 and booked about $2.3 million of mostly one-time severance at that point, so none of it falls in either quarter compared here.
$2.3 million less in allocated facility costs (rent, utilities, depreciation assigned to R&D), and $0.8 million less on lab supplies.
G&A barely moved (-$0.1 million). Lower stock-based compensation and fewer staff saved $0.9 million and professional fees fell $0.4 million, but $1.2 million more facility cost was allocated to G&A. Part of the R&D facility "saving" is therefore the same cost moved to a different line.
Compared with the first quarter of 2026, spending actually rose a little. R&D was $18.5 million against $17.5 million in Q1, and total operating expenses were $22.3 million against $21.6 million. The steep year-over-year drop is mostly a 2025-versus-2026 story, not a trend that is still falling.
What the headline numbers hide
The biggest saving is not permanent. The $4.0 million CRO decline exists because no new patients were being enrolled. Adicet now plans to start work on a pivotal trial (the larger study meant to support an approval application) in the fourth quarter of 2026, and it is still running a rheumatoid arthritis study, a systemic sclerosis study and planning a prostate cancer trial for ADI-212. Trial costs should move back up, not stay at this level.
Loss per share flatters the picture. The net loss shrank 32%, but loss per share shrank 64%, because the weighted share count rose from 5.69 million to 10.75 million after the October 2025 offering (about $74.8 million raised at $16.00 per share). At last year's share count, this quarter's loss would have been about $3.75 per share. Existing shareholders own a smaller slice of the company in exchange for that cash.
Cash burn is close to the reported loss. Six-month operating cash burn was $41.3 million against a $41.6 million net loss. About $5.4 million of non-cash charges (stock pay, depreciation, lease and investment accounting) were almost exactly offset by $5.1 million of cash spent paying down payables and accrued liabilities. There is no hidden cash drain, but also no working-capital cushion to lean on.
Interest income is shrinking along with the cash pile. It fell to $1.2 million from $1.4 million, which the company attributes to "lower interest rates and lower cash balances."
A small new tax line: a $0.1 million income tax provision appeared for the first time. It is immaterial.
No at-the-market selling yet. Adicet has a standing agreement with Jefferies to sell shares into the market as needed, and the 10-Q says no shares had been sold under it as of June 30, 2026. That is the most likely tool if the company needs money before a larger raise.
The runway math
Cash and Treasuries fell from $158.5 million at December 31, 2025 to $137.6 million at March 31 (a $20.9 million drop), then to $118.2 million at June 30 (a $19.4 million drop). Management kept the same funding guidance in both quarters: enough "into the second half of 2027."
Our own arithmetic: at the current burn of about $20 million a quarter, $118.2 million lasts roughly six quarters, which would run to about the end of 2027. Management's more cautious "into the second half of 2027" implies spending will rise, which is consistent with a pivotal trial starting. The practical point is that Adicet cannot fund a pivotal study through to its readout (the main measure is kidney response at 12 months) on current cash. A stock sale, a partnership or both is very likely in the next year. The 10-Q says the company "will need to raise substantial additional capital."
The September lupus data: the real catalyst
Prula-cel is Adicet's lead drug. It is an "off-the-shelf" cell therapy: immune cells from healthy donors (gamma delta T cells) are engineered to seek out and destroy B cells, the immune cells that drive lupus. Most CAR-T therapies on the market instead have to be made from each patient's own cells. On September 28, 2026, in an 8-K, Adicet reported data as of August 28, 2026 on 22 patients (16 with lupus nephritis, which is lupus affecting the kidneys, and 6 with lupus elsewhere in the body). All had failed at least three prior therapies:
Efficacy: at 12 months, 50% of evaluable lupus nephritis patients had a complete renal response (protein in the urine back to near-normal, the standard sign that kidney inflammation has resolved), and 54% of evaluable patients met DORIS remission, a standard definition of lupus remission. All patients came off immunosuppressant drugs, and all but one reduced steroids to 5 mg/day of prednisone or less.
Safety: across 24 dosed patients there was no cytokine release syndrome (an immune overreaction common with CAR-T therapies) above Grade 2, no neurotoxicity and no dose-limiting toxicities. Infections were reported in 54% of patients, 8.3% at Grade 3 or higher.
Regulatory path: the company says it aligned with the FDA on a single-arm pivotal study (no placebo group) in lupus nephritis patients who failed at least two immunosuppressants, with complete renal response at 12 months as the main measure and a "double digit number of patients."
These are small, uncontrolled numbers from a Phase 1 study, and the 12-month figures cover only the subset of patients followed that long (13 of 22 had at least 12 months of follow-up). They are still the kind of result that makes a small single-arm pivotal trial plausible, and a trial that size costs much less than a large randomized one.
Takeaway: Adicet's 32% narrower loss is mostly a byproduct of a trial between enrollment phases and last year's layoffs, and spending was already edging back up from Q1. What matters is that $118.2 million in cash now has to carry a company heading into a pivotal lupus nephritis study, so the next financing and its price depend on how convincing the September data look to investors and partners.
Timelines have slipped
Comparing the Q1 earnings release (May 13, 2026), the 10-Q (August 5) and the September 28 update:
Milestone
Said in May 2026
Said in August 2026
Said September 28, 2026
Lupus (LN/SLE) data update
mid-2026
Q3 2026
Delivered Sept 28
Pivotal lupus nephritis program
start-up activities in 2H 2026
"anticipated to commence in the second half of 2026"
start-up activities in Q4 2026
Systemic sclerosis data
2H 2026
2H 2026
first half of 2027
Next lupus data update
n/a
n/a
mid-2027
ADI-212 (prostate cancer) regulatory filing
Q3 2026
Q3 2026
not updated
Each slip on its own is small, but they all push in the same direction, and every extra quarter costs about $20 million of a cash pile that has to last into 2H 2027.
What to watch next
Q3 2026 10-Q (expected around early November): whether R&D climbs back above $20 million a quarter as pivotal preparation and ADI-212 start-up begin, and whether the "into the second half of 2027" runway guidance is kept.
Financing: any use of the Jefferies at-the-market program, a follow-on offering after the September data, or a partnership for prula-cel.
FDA outcome in Q4 2026 on whether the pivotal study can also enroll lupus patients without kidney involvement. That would roughly double the U.S. target population the company cites (about 35,000 lupus nephritis and 35,000 severe non-renal lupus patients).
ADI-212: whether the planned Q3 2026 regulatory filing and Q4 2026 enrollment start actually happen. The September update did not mention them.