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ACET Nasdaq· Adicet Bio Inc.
Earnings report Q3 2023

ACET Reports Significant Decrease in Revenue for the Latest Quarter

Segments of Revenue

ACET reported a significant decrease in revenue for the nine months ended September 30, 2023, compared to the same period in 2022. Revenue decreased by $25.0 million, or 100%, primarily due to the completion of obligations under the Regeneron Agreement in the first quarter of 2022. As a result, no revenue was recognized under the agreement in the current period.

Strengths

ACET's financial performance in the latest quarter was impacted by the completion of obligations under the Regeneron Agreement, which resulted in the full recognition of revenue under the agreement as of March 31, 2022. This indicates successful completion of the combined performance obligation with Regeneron. Additionally, ACET recorded a net loss of $49.9 million for the three months ended September 30, 2023, which suggests a focus on investing in research and development activities.

Challenges

ACET faced a significant decrease in revenue for the latest quarter, primarily due to the absence of revenue recognized under the Regeneron Agreement. This decrease in revenue may pose challenges for the company's financial performance and overall profitability. ACET also reported a loss from operations of $52.3 million for the quarter, indicating a negative operating margin.

Noteworthy

ACET recorded a net loss of $113.2 million for the nine months ended September 30, 2023, compared to a net loss of $39.9 million in the same period in 2022. This significant increase in net loss can be attributed to the absence of revenue recognized under the Regeneron Agreement and increased operating expenses.

Summary

ACET's latest quarter performance was characterized by a significant decrease in revenue, primarily due to the completion of obligations under the Regeneron Agreement. The absence of revenue recognition impacted the company's financial performance, resulting in a net loss of $113.2 million for the nine months ended September 30, 2023. ACET's focus on research and development activities and its accumulated deficit of $351.3 million indicate a commitment to advancing its product candidates based on the gamma delta T cell platform. However, the company may face challenges in achieving profitability and managing its operating expenses in the future.

Source documents

Form 10-Q  filed on Nov 08, 2023
73 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by -7.99%
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