ACET

Adicet is a clinical-stage cell-therapy company with no approved products and zero product revenue across its entire history — FY2021–FY2025 are five straight years of losses (-$62M, -$70M, -$143M, -$117M, -$117M), and the 10-K is explicit: 'we have no products approved for commercial sale and have not generated any revenue from product sales to date.' At -73.4% ROE on a -$614.7M accumulated deficit, there are no fundamentals to value in the conventional sense — this is a binary pipeline bet on prula-cel (CD20 CAR gamma-delta T cell for lupus/autoimmune) and ADI-212 (PSMA, solid tumors). The provided data simply cannot support a fair-value estimate, so the price target is left null rather than guessed.

The balance sheet looks superficially clean — liabilities/equity of just 0.21x and $159M equity — but the binding constraint is cash, not leverage. Operating cash flow was -$95.2M in FY2025 while cash & equivalents fell 31% to $38.9M; even counting the broader $161M of current assets, that is roughly 1.5–2 years of runway before the most expensive phase (a pivotal LN/SLE study planned for 2H 2026) even ramps. Management has already gone back to the market repeatedly — $91.7M and $19.3M raises in January 2024 and $74.8M in October 2025 — and the 88.4% YoY collapse in share count to 9.6M (a reverse split, driving the optically large -$16.95 EPS) underscores how punishing the dilution history has been for holders. Further equity raises are effectively a forward certainty.