Joby Aviation closes $591 million stock offering with full underwriter option
REDWOOD CITY, Calif. & BOSTON - Adicet Bio, Inc. (NASDAQ:ACET) announced Tuesday it has priced an underwritten registered direct offering of 70,001,000 shares of common stock at $1.00 per share, along with pre-funded warrants to purchase 10,000,000 additional shares at $0.9999 each.
The clinical-stage biotechnology company, which focuses on developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, expects to raise approximately $80 million in gross proceeds before deducting underwriting discounts, commissions, and offering expenses. According to InvestingPro analysis, this funding comes at a crucial time as the company has been rapidly burning through cash, though it maintains a healthy current ratio of 7.48, indicating strong short-term liquidity.
The offering is expected to close on or about October 8, 2025, subject to customary closing conditions, with all securities being sold by Adicet.
Jefferies and Guggenheim Securities are serving as joint book-running managers for the transaction, with Truist Securities also acting as a joint bookrunner. Wedbush PacGrow and H.C. Wainwright & Co. are participating as lead managers.
The securities are being offered through a shelf registration statement on Form S-3 that was declared effective by the U.S. Securities and Exchange Commission on March 14, 2025.
Adicet Bio is advancing a pipeline of off-the-shelf gamma delta T cells engineered with chimeric antigen receptors designed to facilitate durable activity in patients, according to the company’s press release statement.
The announcement comes as many biotechnology companies seek to strengthen their financial positions amid ongoing research and development activities in the competitive cell therapy sector. InvestingPro analysis reveals that while Adicet Bio currently holds more cash than debt on its balance sheet, three analysts have recently revised their earnings expectations downward for the upcoming period. For deeper insights into Adicet Bio’s financial health and market position, investors can access comprehensive Pro Research Reports covering over 1,400 US stocks on InvestingPro.
In other recent news, Adicet Bio, Inc. has reported positive results from its ADI-001 trial for autoimmune diseases. The data showed that all seven evaluable patients with lupus nephritis and systemic lupus erythematosus experienced significant improvements, with five lupus nephritis patients demonstrating enhanced renal function. Additionally, Adicet Bio has dosed its first systemic sclerosis patient in the second cohort of the Phase 1 trial for ADI-001, with preliminary data expected in the latter half of 2025. In a strategic move, the company has decided to halt the development of ADI-270 for clear cell renal cell carcinoma and reduce its workforce by 30%, which could extend its cash reserves into the fourth quarter of 2026.
Analyst firm Citizens JMP has reiterated a Market Perform rating on Adicet Bio, maintaining a neutral outlook on the company’s developments. Meanwhile, H.C. Wainwright has initiated coverage with a Buy rating, highlighting the potential of Adicet’s ADI-270, which is currently in a Phase 1 trial for CD70+ cancers. This therapy has also received FDA Fast Track Designation for certain cancer treatments. These developments reflect ongoing strategic and clinical advancements for Adicet Bio.
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