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Adicet Bio (NASDAQ:ACET) stock rallied 26% after it issued a pipeline update and said it had enough cash to fund operations into the second half of 2025.
The biotech company said it plans to initiate a Phase 1 clinical study of its drug candidate ADI-001 in Q2 for the treatment of lupus nephritis, with a potential update in the second half of 2024. It also hopes to expand development of the product into other autoimmune diseases.
Adicet also expects to release a clinical update in the second half of 2024 for its drug candidate ADI-001, which is currently in Phase 1 testing for mantle cell lymphoma.
The biotech company said it plans to file an Investigational New Drug application with the FDA in Q2 to begin clinical testing of ADI-270 for renal cell carcinoma.
