Detailed financial statements for Adicet Bio, Inc. (ACET): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Adicet Bio, Inc. is a biotechnology firm dedicated to pioneering allogeneic gamma delta T cell therapies, aiming to treat cancer and various other diseases. The company’s strategy involves engineering gamma delta T cells with chimeric antigen receptors (CARs) and T cell receptor-like antibodies.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $9.05, ACET has negative trailing earnings (P/E not meaningful) and an ROE of -74.90%. Market capitalisation stands at $85M.
Balance sheet quality for ACET: current ratio of 7.5, net cash position of $143.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $547.0M | $558.5M | $8.2M | $995000 | $17.9M | $9.7M | $25.0M | 0 | 0 | 0 |
| Cost of Revenue | $411.5M | $5000 | $80000 | 0 | 0 | 0 | 0 | 0 | 0 | $6.4M |
| Gross Profit | $135.4M | $558.5M | $8.1M | $995000 | $17.9M | $9.7M | $25.0M | 0 | 0 | -$6.4M |
| Research & Development | $5.9M | $16.8M | $14.7M | $23.7M | $34.3M | $48.9M | $71.2M | $106.0M | $99.3M | $99.1M |
| Selling, General & Admin | $1000 | $2.0M | $8.4M | $8.7M | $22.8M | $22.2M | $26.3M | $26.5M | $28.3M | $23.0M |
| Operating Expenses | $1000 | $18.9M | $23.1M | $32.4M | $57.1M | $71.2M | $97.5M | $152.0M | $127.6M | $115.7M |
| Operating Income | -$1000 | -$18.9M | -$15.0M | -$31.4M | -$39.2M | -$61.4M | -$72.6M | -$152.0M | -$127.6M | -$122.1M |
| EBITDA | -$1000 | -$33.8M | -$13.7M | -$26.9M | -$37.4M | -$60.4M | -$64.7M | -$136.5M | -$110.7M | -$110.4M |
| Interest Expense | $4.0M | $7.0M | 0 | 0 | $134000 | $176000 | $80000 | $25000 | $4000 | $36000 |
| Pre-tax Income | -$1000 | -$33.8M | -$9.9M | -$28.1M | -$39.5M | -$62.1M | -$69.8M | -$142.7M | -$117.1M | -$116.8M |
| Income Tax | 0 | 0 | -$589000 | $19000 | -$2.8M | -$125000 | 0 | 0 | 0 | 0 |
| Net Income | -$1000 | -$33.8M | -$9.3M | -$28.1M | -$36.7M | -$62.0M | -$69.8M | -$142.7M | -$117.1M | -$116.8M |
| EPS | $-0.00 | $-20.16 | $-4.96 | $-24.32 | $-80.16 | $-32.00 | $-27.20 | $-52.96 | $-21.28 | $-16.95 |
| EPS (Diluted) | $-0.00 | $-20.00 | $-4.96 | $-24.32 | $-80.16 | $-32.00 | $-27.20 | $-52.96 | $-21.28 | $-16.95 |
| Shares Outstanding (Diluted) | $1.8M | $1.7M | $1.9M | $1.2M | $457499 | $1.9M | $2.6M | $2.7M | $5.5M | $6.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$1.3M | 0 |
| Operating Income | -$28.0M | -$31.9M | -$21.6M | -$22.3M |
| EBITDA | -$25.3M | -$29.0M | -$18.9M | -$18.7M |
| Net Income | -$26.9M | -$30.5M | -$20.2M | -$21.4M |
| EPS | $-4.64 | $-2.94 | $-1.88 | $-1.99 |
| EPS (Diluted) | $-4.64 | $-2.94 | $-1.88 | $-1.99 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $66.8M | $53.3M | $7.0M | $10.6M | $84.3M | $277.5M | $257.7M | $159.7M | $56.5M | $38.9M |
| Short-term Investments | $881000 | 0 | $101.0M | $51.8M | $10.3M | 0 | 0 | 0 | $119.8M | $119.6M |
| Receivables | $167.6M | 0 | 0 | $935000 | $2.7M | $214000 | $435000 | 0 | 0 | $342000 |
| Inventory | $98.1M | $136.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $352.7M | $54.2M | $109.5M | $64.2M | $100.3M | $282.4M | $261.0M | $162.3M | $180.1M | $160.9M |
| Property, Plant & Equipment | $10.0M | $39000 | $321000 | $2.1M | $25.9M | $35.0M | $49.0M | $44.2M | $36.8M | $28.5M |
| Goodwill | $67.9M | $237.0M | 0 | 0 | $20.1M | $19.5M | $19.5M | 0 | 0 | 0 |
| Intangible Assets | $79.1M | $285.1M | 0 | 0 | $1.2M | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $540.8M | $55.2M | $109.9M | $81.6M | $153.8M | $338.9M | $330.7M | $207.3M | $220.2M | $192.4M |
| Accounts Payable | 0 | $1.5M | $538000 | $1.1M | $1.6M | $3.3M | $4.4M | $2.6M | $4.8M | $4.7M |
| Short-term Debt | $197000 | $14.5M | 0 | 0 | $1.2M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $98.9M | $5.5M | $5.7M | $14.9M | $22.5M | $16.3M | $19.7M | $19.3M | $19.4M | $21.5M |
| Long-term Debt | $118.6M | $339.2M | $3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $236.3M | $5.5M | $5.7M | $142.0M | $44.0M | $35.8M | $38.4M | $37.1M | $33.6M | $33.1M |
| Retained Earnings | $194.8M | -$33.8M | -$71.4M | -$69.6M | -$106.3M | -$168.3M | -$238.1M | -$380.8M | -$497.9M | -$614.7M |
| Total Equity | $304.4M | $49.7M | $104.2M | -$60.4M | $109.8M | $303.1M | $292.3M | $170.2M | $186.6M | $159.2M |
| Total Debt | $118.8M | $353.7M | $3.1M | 0 | $21.6M | $20.9M | $21.0M | $20.9M | $17.2M | $14.7M |
| Net Debt | $51.1M | $300.3M | -$104.9M | -$62.4M | -$73.0M | -$256.6M | -$236.6M | -$138.8M | -$159.1M | -$143.8M |
| Working Capital | $253.8M | $48.7M | $103.8M | $49.3M | $77.9M | $266.1M | $241.3M | $143.0M | $160.7M | $139.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $29.1M | $38.9M | $36.2M | $33.1M |
| Total Assets | $140.5M | $192.4M | $169.4M | $148.2M |
| Total Liabilities | $31.3M | $33.1M | $29.3M | $28.0M |
| Total Equity | $109.1M | $159.2M | $140.1M | $120.1M |
| Total Debt | $15.5M | $14.7M | $13.9M | $12.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $33.5M | -$33.8M | -$9.3M | -$28.1M | -$36.7M | -$62.0M | -$69.8M | -$142.7M | -$117.1M | -$116.8M |
| Depreciation & Amortization | $11.8M | $5000 | $1.2M | $1.2M | $1.2M | $1.5M | $2.6M | $6.1M | $6.5M | $2.3M |
| Stock-based Compensation | 0 | $470000 | $2.5M | $1.2M | $5.3M | $12.5M | $17.1M | $20.3M | $22.2M | $14.3M |
| Change in Working Capital | $27.5M | $4.3M | -$8.0M | $341000 | -$13.5M | -$6.1M | $2.7M | $252000 | -$5.5M | $1.5M |
| Operating Cash Flow | $8.3M | -$11.6M | -$18.2M | -$27.9M | -$41.6M | -$51.1M | -$44.8M | -$93.7M | -$92.4M | -$95.2M |
| Capital Expenditure | -$617000 | -$44000 | -$876000 | -$1.1M | -$990000 | -$13.0M | -$16.8M | -$4.5M | -$1.1M | -$1.7M |
| Acquisitions | 0 | 0 | 0 | $118000 | $64.1M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$55.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $7.7M | -$11.6M | -$19.1M | -$29.0M | -$42.5M | -$64.1M | -$61.5M | -$98.2M | -$93.5M | -$97.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$22.3M | -$20.9M | -$21.5M | -$19.8M |
| Capital Expenditure | -$209000 | $10000 | -$37000 | -$202000 |
| Free Cash Flow | -$22.5M | -$20.9M | -$21.5M | -$20.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.5M | $5.7M | $1.3M | $1.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +2.1% | -98.5% | -87.8% | +1699.3% | -45.7% | +156.8% | -100.0% | | |
| Net Income Growth (YoY) | | -3377700.0% | +72.5% | -202.6% | -30.4% | -69.0% | -12.6% | -104.4% | +17.9% | +0.3% |
| EPS Growth (YoY) | | -3533736.5% | +75.4% | -390.3% | -229.6% | +60.1% | +15.0% | -94.7% | +59.8% | +20.3% |
| Shares Change (YoY) | | -3.8% | +10.5% | -37.7% | -60.6% | +322.8% | +32.7% | +4.8% | +104.1% | +25.5% |
| FCF Growth (YoY) | | -250.1% | -64.3% | -51.9% | -46.9% | -50.7% | +4.0% | -59.5% | +4.8% | -3.7% |
| Gross Margin | 24.8% | 100.0% | 99.0% | 100.0% | 100.0% | 100.0% | 100.0% | | | |
| Operating Margin | -0.0% | -3.4% | -182.9% | -3154.6% | -218.9% | -631.4% | -290.3% | | | |
| EBITDA Margin | -0.0% | -6.0% | -168.0% | -2701.6% | -208.9% | -620.9% | -258.9% | | | |
| Net Margin | -0.0% | -6.0% | -113.7% | -2827.9% | -204.9% | -637.2% | -279.3% | | | |
| FCF Margin | 1.4% | -2.1% | -232.9% | -2909.7% | -237.6% | -658.8% | -246.3% | | | |
| Effective Tax Rate | -0.0% | -0.0% | 6.0% | -0.1% | 7.1% | 0.2% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $4.41 | $-6.88 | $-10.23 | $-24.96 | $-92.99 | $-33.13 | $-23.97 | $-36.50 | $-17.03 | $-14.07 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.8M | $1.7M | $1.9M | $1.2M | $457499 | $1.9M | $2.6M | $2.7M | $5.5M | $6.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -74.90% |
| Return on Invested Capital | -77.98% |
| Return on Assets | -66.80% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 6.71 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -4.65 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3313953.33 | -93.78 | -194.65 | -6.86 | -2.80 | -8.74 | -5.26 | -0.57 | -0.72 | -0.50 |
| P/B | 10.89 | 63.65 | 17.25 | -3.21 | 0.94 | 1.79 | 1.26 | 0.48 | 0.45 | 0.36 |
| P/S | 6.06 | 5.66 | 219.78 | 194.54 | 5.74 | 55.64 | 14.70 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 24.8% | 100.0% | 99.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -0.0% | -3.4% | -182.9% | -3154.6% | -218.9% | -631.4% | -290.3% | 0.0% | 0.0% | 0.0% |
| Net Margin | -0.0% | -6.0% | -113.7% | -2827.9% | -204.9% | -637.2% | -279.3% | 0.0% | 0.0% | 0.0% |