Adicet Bio

Management prioritized autoimmune and ADI‑212, discontinued ADI‑270, and reduced the workforce by ~30% to extend runway, then opportunistically raised equity in October 2025. These choices sharpen strategic focus and conserve cash, but also reflect the need to continually refinance R&D.

Stock‑based compensation is non‑trivial, and pre‑funded warrants remain outstanding. The CRISPR agreement’s opt‑in right to a 50/50 cost/profit split on certain programs could dilute long‑term economics if those assets win.

Overall, discipline improved in 2025, but capital intensity and future dilution risk remain elevated until programs are de‑risked.