Adicet Bio, Inc.
ACETHealthcare|Biotechnology|US
$3.05
+0.13 (+4.45%)
DCF Value
$2.93
Tangible Book / Share
$9.56
Cash / Share
$9.39
Financials
Financial Snapshot
Market Cap
$28.6M
Enterprise Value
-$60.3M
Revenue (TTM)
$0.00
Net Income (TTM)
-$91.0M
Cash & Investments
$100.9M
Net Cash
$88.8M
Free Cash Flow (TTM)
-$80.4M
Operating CF (TTM)
-$80.1M
Debt/Equity
0.12
Cash Runway & Burn Rate
Cash on Hand
$100.9M
Quarterly Burn
$20.0M
Monthly Burn
$6.7M
Est. Runway
~5.0 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $67.7M | $53.3M | $108.0M | $62.4M | $94.6M | $277.5M | $257.7M | $159.7M | $176.3M | $158.5M | $100.9M | |
| Operating Cash Flow | $8.3M | -$11.6M | -$18.2M | -$27.9M | -$41.6M | -$51.1M | -$44.8M | -$93.7M | -$92.4M | -$95.2M | -$80.1M | |
| Free Cash Flow | $7.7M | -$11.6M | -$19.1M | -$29.0M | -$42.5M | -$64.1M | -$61.5M | -$98.2M | -$93.5M | -$97.0M | -$80.4M | |
| Capital Expenditure | -$617.0K | -$44.0K | -$876.0K | -$1.1M | -$990.0K | -$13.0M | -$16.8M | -$4.5M | -$1.1M | -$1.7M | -$285.0K | |
| Financing Cash Flow | $0.00 | $64.9M | $11.0M | $76.9M | $303.0K | $242.7M | $41.5M | $236.0K | $111.3M | $75.2M | $75.2M |
R&D Spending
R&D (TTM)
$76.6M
R&D Intensity
—
R&D Growth vs Prior
-22.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $547.0M | $558.5M | $8.2M | $995.0K | $17.9M | $9.7M | $25.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $5.9M | $16.8M | $14.7M | $23.7M | $34.3M | $48.9M | $71.2M | $106.0M | $99.3M | $99.1M | $76.6M | |
| R&D % of Revenue | 1.1% | 3.0% | 179.9% | 2381.0% | 191.8% | 503.0% | 285.1% | — | — | — | — | |
| SG&A | $1.0K | $2.0M | $8.4M | $8.7M | $22.8M | $22.2M | $26.3M | $26.5M | $28.3M | $23.0M | $19.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $547.0M | $558.5M | $8.2M | $995.0K | $17.9M | $9.7M | $25.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $411.5M | $5.0K | $80.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.4M | $1.3M | |
| Gross Profit | $135.4M | $558.5M | $8.1M | $995.0K | $17.9M | $9.7M | $25.0M | $0.00 | $0.00 | -$6.4M | -$1.3M | |
| R&D | $5.9M | $16.8M | $14.7M | $23.7M | $34.3M | $48.9M | $71.2M | $106.0M | $99.3M | $99.1M | $76.6M | |
| SG&A | $1.0K | $2.0M | $8.4M | $8.7M | $22.8M | $22.2M | $26.3M | $26.5M | $28.3M | $23.0M | $19.0M | |
| Operating Income | -$1.0K | -$18.9M | -$15.0M | -$31.4M | -$39.2M | -$61.4M | -$72.6M | -$152.0M | -$127.6M | -$122.1M | -$95.6M | |
| Interest Expense | $4.0M | $7.0M | $0.00 | $0.00 | $134.0K | $176.0K | $80.0K | $25.0K | $4.0K | $36.0K | $46.0K | |
| Pretax Income | -$1.0K | -$33.8M | -$9.9M | -$28.1M | -$39.5M | -$62.1M | -$69.8M | -$142.7M | -$117.1M | -$116.8M | -$90.9M | |
| Net Income | -$1.0K | -$33.8M | -$9.3M | -$28.1M | -$36.7M | -$62.0M | -$69.8M | -$142.7M | -$117.1M | -$116.8M | -$91.0M | |
| EPS (Diluted) | -0.00 | -20.00 | -4.96 | -24.32 | -80.16 | -32.00 | -27.20 | -52.96 | -21.28 | -16.95 | -8.57 | |
| EBITDA | -$1.0K | -$33.8M | -$14.9M | -$26.9M | -$38.1M | -$60.4M | -$67.0M | -$136.5M | -$110.7M | -$110.4M | -$87.7M | |
| Shares Out. (M) | 1.75 | 1.69 | 1.86 | 1.16 | 0.46 | 1.93 | 2.57 | 2.69 | 5.49 | 6.89 | 10.75 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $66.8M | $53.3M | $7.0M | $10.6M | $84.3M | $277.5M | $257.7M | $159.7M | $56.5M | $38.9M | $100.9M | |
| Short-Term Investments | $881.0K | $0.00 | $101.0M | $51.8M | $10.3M | $0.00 | $0.00 | $0.00 | $119.8M | $119.6M | $0.00 | |
| Total Current Assets | $352.7M | $54.2M | $109.5M | $64.2M | $100.3M | $282.4M | $261.0M | $162.3M | $180.1M | $160.9M | $103.4M | |
| Total Assets | $540.8M | $55.2M | $109.9M | $81.6M | $153.8M | $338.9M | $330.7M | $207.3M | $220.2M | $192.4M | $128.9M | |
| Total Current Liabilities | $98.9M | $5.5M | $5.7M | $14.9M | $22.5M | $16.3M | $19.7M | $19.3M | $19.4M | $21.5M | $17.0M | |
| Long-Term Debt | $118.6M | $339.2M | $3.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $9.3M | |
| Total Liabilities | $236.3M | $5.5M | $5.7M | $142.0M | $44.0M | $35.8M | $38.4M | $37.1M | $33.6M | $33.1M | $26.2M | |
| Stockholders' Equity | $304.4M | $49.7M | $104.2M | -$60.4M | $109.8M | $303.1M | $292.3M | $170.2M | $186.6M | $159.2M | $102.7M | |
| Retained Earnings | $194.8M | -$33.8M | -$71.4M | -$69.6M | -$106.3M | -$168.3M | -$238.1M | -$380.8M | -$497.9M | -$614.7M | -$675.2M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.3M | -$11.6M | -$18.2M | -$27.9M | -$41.6M | -$51.1M | -$44.8M | -$93.7M | -$92.4M | -$95.2M | -$80.1M | |
| Capital Expenditure | -$617.0K | -$44.0K | -$876.0K | -$1.1M | -$990.0K | -$13.0M | -$16.8M | -$4.5M | -$1.1M | -$1.7M | -$285.0K | |
| Free Cash Flow | $7.7M | -$11.6M | -$19.1M | -$29.0M | -$42.5M | -$64.1M | -$61.5M | -$98.2M | -$93.5M | -$97.0M | -$80.4M | |
| Investing Cash Flow | -$9.0M | -$44.0K | -$16.1M | -$47.9M | $115.2M | -$2.8M | -$16.8M | -$4.5M | -$119.2M | $2.4M | $2.6M | |
| Financing Cash Flow | $0.00 | $64.9M | $11.0M | $76.9M | $303.0K | $242.7M | $41.5M | $236.0K | $111.3M | $75.2M | $75.2M | |
| Issuance of Stock | $0.00 | $64.9M | $90.9M | $76.9M | $460.0K | $238.1M | $43.4M | $386.0K | $110.9M | $75.2M | $75.4M | |
| Repurchase of Stock | $0.00 | -$55.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$150.0K | $0.00 | |
| Stock Based Comp. | $0.00 | $470.0K | $2.5M | $1.2M | $5.3M | $12.5M | $17.1M | $20.3M | $22.2M | $14.3M | $9.9M | |
| Net Change in Cash | -$8.9M | $30.5M | -$23.2M | $1.1M | $74.0M | $188.8M | -$20.0M | -$97.9M | -$100.3M | -$17.6M | -$2.3M |
Dilution Tracker
Shares outstanding grew 1406.3% over 5 years — significant dilution
Shares Outstanding
9M
5-Year Share Growth
+1406.3%
Stock Issuance (TTM)
$75.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.75 | 1.69 | 1.86 | 1.16 | 0.46 | 1.93 | 2.57 | 2.69 | 5.49 | 6.89 | 10.75 | |
| Change vs Prior % | — | -3.8% | 10.5% | -37.7% | -60.6% | 322.8% | 32.7% | 4.8% | 104.1% | 25.5% | 55.9% | |
| Stock Issuance | $0.00 | $64.9M | $90.9M | $76.9M | $460.0K | $238.1M | $43.4M | $386.0K | $110.9M | $75.2M | $75.4M | |
| Stock Repurchase | $0.00 | -$55.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $470.0K | $2.5M | $1.2M | $5.3M | $12.5M | $17.1M | $20.3M | $22.2M | $14.3M | $9.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — | — | — | — | |
| Net Margin % | -0.0% | -6.0% | -113.7% | -2827.9% | -204.9% | -637.2% | -279.3% | — | — | — | — | |
| EBITDA Margin % | -0.0% | -6.0% | -181.9% | -2701.6% | -213.0% | -620.9% | -268.3% | — | — | — | — | |
| FCF Margin % | 1.4% | -2.1% | -232.9% | -2909.7% | -237.6% | -658.8% | -246.3% | — | — | — | — | |
| ROE % | -0.0% | -68.0% | -8.9% | 46.6% | -33.4% | -20.5% | -23.9% | -83.8% | -62.8% | -73.4% | -69.7% | |
| ROA % | -0.0% | -61.2% | -8.5% | -34.5% | -23.8% | -18.3% | -21.1% | -68.8% | -53.2% | -60.7% | -70.6% | |
| ROIC % | -0.0% | -29.4% | -13.5% | -47.0% | -27.5% | -18.9% | -23.1% | -79.5% | -62.6% | -70.2% | -83.2% | |
| R&D / Revenue % | 1.1% | 3.0% | 179.9% | 2381.0% | 191.8% | 503.0% | 285.1% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7.2% | 2.1% | -98.5% | -87.8% | 1699.3% | -45.7% | 156.8% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 18.1% | 312.4% | -98.5% | -87.7% | 1699.3% | -45.7% | 156.8% | -100.0% | 0.0% | 0.0% | |
| Operating Income | -100.0% | -1888100.0% | 20.7% | -109.8% | -24.9% | -56.8% | -18.1% | -109.6% | 16.1% | 4.3% | |
| Net Income | -100.0% | -3377700.0% | 72.5% | -202.6% | -30.4% | -69.0% | -12.6% | -104.4% | 17.9% | 0.3% | |
| EPS (Diluted) | -100.0% | -3505690.2% | 75.2% | -390.3% | -229.6% | 60.1% | 15.0% | -94.7% | 59.8% | 20.3% | |
| Operating Cash Flow | -66.7% | -238.5% | -57.4% | -53.4% | -49.0% | -22.9% | 12.3% | -109.4% | 1.4% | -3.1% | |
| Free Cash Flow | -67.7% | -250.1% | -64.3% | -51.9% | -46.9% | -50.7% | 4.0% | -59.5% | 4.8% | -3.7% | |
| R&D Expense | 13.8% | 183.4% | -12.6% | 61.0% | 44.9% | 42.5% | 45.6% | 48.8% | -6.3% | -0.2% | |
| SG&A Expense | -100.0% | 203700.0% | 313.5% | 3.1% | 161.8% | -2.4% | 18.3% | 0.9% | 6.6% | -18.8% | |
| Total Assets | 10.4% | -89.8% | 99.2% | -25.8% | 88.6% | 120.3% | -2.4% | -37.3% | 6.2% | -12.7% | |
| Book Value / Share | 4.6% | -82.9% | 88.4% | -193.0% | 561.3% | -34.7% | -27.3% | -44.4% | -46.3% | -32.0% | |
| Debt | 7.8% | 197.7% | -99.1% | -100.0% | 0.0% | -3.2% | 0.4% | -0.5% | -17.6% | -14.5% | |
| Diluted Shares | 12.2% | -3.8% | 10.5% | -37.7% | -60.6% | 322.8% | 32.7% | 4.8% | 104.1% | 25.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High5.66 / 14.70 / 219.78
P/B0.32
10Y Low / Med / High0.36 / 1.26 / 63.65
EV/EBITDA0.69
EV/Revenue0.00
10Y Low / Med / High2.24 / 6.20 / 219.30
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.93
Tangible Book / Share
$9.56
Net Current Assets / Share
$8.25
Graham Net-Net
$6.95
Cash / Share
$9.39
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -3313953.33 | -93.78 | -194.65 | -6.86 | -2.80 | -8.74 | -5.26 | -0.57 | -0.72 | -0.50 | -0.36 | |
| P/S Ratio | 6.06 | 5.66 | 219.78 | 194.54 | 5.74 | 55.64 | 14.70 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 10.89 | 63.65 | 17.25 | -3.21 | 0.94 | 1.79 | 1.26 | 0.48 | 0.45 | 0.36 | 0.32 | |
| EV/EBITDA | -3365914.17 | -102.55 | -120.54 | -6.81 | -1.05 | -4.71 | -1.95 | 0.42 | -0.41 | -0.31 | 0.69 | |
| EV/Revenue | 6.15 | 6.20 | 219.30 | 183.88 | 2.24 | 29.27 | 5.23 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-8.22
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.9M | $28.5M | $84.5M |
| Net Income | -$43.8M | -$27.8M | $9.8M |
| EPS | $-6.36 | $-4.04 | $-0.84 |
| # Analysts (EPS) | 4 | 4 | 4 |
Dividends
Frequency
Quarterly
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Sep 21, 2018 | Oct 9, 2018 | $0.00 | Quarterly |
| Jun 7, 2018 | Jun 22, 2018 | $0.00 | Quarterly |
| Mar 8, 2018 | Mar 23, 2018 | $0.00 | Quarterly |
| Dec 15, 2017 | Dec 28, 2017 | $0.00 | Quarterly |
| Sep 7, 2017 | Sep 21, 2017 | $0.00 | Quarterly |
| Jun 7, 2017 | Jun 23, 2017 | $0.00 | Quarterly |
| Mar 8, 2017 | Mar 24, 2017 | $0.00 | Quarterly |
| Dec 8, 2016 | Dec 22, 2016 | $0.00 | Quarterly |
| Sep 7, 2016 | Sep 20, 2016 | $0.00 | Quarterly |
| Jun 7, 2016 | Jun 24, 2016 | $0.00 | Quarterly |
| Mar 9, 2016 | Mar 25, 2016 | $0.00 | Quarterly |
| Dec 15, 2015 | Dec 28, 2015 | $0.00 | Quarterly |
| Sep 17, 2015 | Oct 2, 2015 | $0.00 | Quarterly |
| Jun 9, 2015 | Jun 25, 2015 | $0.00 | Quarterly |
| Mar 10, 2015 | Mar 26, 2015 | $0.00 | Quarterly |
| Dec 11, 2014 | Dec 29, 2014 | $0.00 | Quarterly |
| Sep 11, 2014 | Sep 29, 2014 | $0.00 | Quarterly |
| Jun 10, 2014 | Jun 27, 2014 | $0.00 | Quarterly |
| Mar 11, 2014 | Mar 28, 2014 | $0.00 | Quarterly |
| Dec 12, 2013 | Dec 27, 2013 | $0.00 | Quarterly |
Revenue Segments
By Product
| Segment | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|---|
| Human Health | $105.2M | $129.7M | $160.2M | $225.3M | $228.0M | $315.4M |
| Performance Chemicals | $176.1M | $185.2M | $173.5M | $172.4M | $169.5M | $165.5M |
| Pharmaceutical Ingredients | $163.0M | $184.9M | $176.4M | $149.3M | $161.0M | $157.4M |
By Geography
| Segment | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|---|
| Asia Pacific | $25.3M | $28.4M | $26.2M | $27.3M | $34.6M | $29.8M |
| France | $33.1M | $38.5M | — | — | — | — |
| Germany | $82.6M | $92.1M | — | — | — | — |
| Netherlands | $13.7M | $14.5M | — | — | — | — |
| United States | $289.6M | $326.2M | — | — | — | — |
| FRANCE | — | — | $29.4M | $28.0M | $30.2M | $35.8M |
| GERMANY | — | — | $84.0M | $69.9M | $76.7M | $79.1M |
| NETHERLANDS | — | — | $14.9M | $14.7M | $16.2M | $9.9M |
| UNITED STATES | — | — | — | — | — | $483.7M |