Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Adicet Bio, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
16.8
14.7
23.7
34.3
48.9
71.2
106
99.3
99.1
General and administrative
2.04
8.43
8.69
22.8
22.2
26.3
26.5
28.3
23
Operating expenses
18.9
23.1
32.4
57.1
71.2
97.5
152
128
122
Operating income
-18.9
-15
-31.4
-39.2
-61.4
-72.6
-152
-128
-122
Interest expense
0.13
0.18
0.08
0.03
0
0.04
Other non-operating income
-14.9
4.53
2.33
-0.95
-0.61
-0.92
-0.57
-0.22
-0.43
Pre-tax income
-33.8
-9.89
-28.1
-39.5
-62.1
-69.8
-143
-117
-117
Income tax
0
-0.59
0.02
-2.82
-0.13
0
0
0
0
Net income
-33.8
-9.3
-28.1
-36.7
-62
-69.8
-143
-117
-117
EBITDA
-18.9
-13.7
-30.2
-38
-59.9
-70
-146
-121
-116
EPS, basic
-454.56
-76.66
-210.89
-80.35
-32.08
-27.26
-53.08
-21.33
-16.95
EPS, diluted
-454.56
-76.66
-210.89
-80.35
-32.08
-27.26
-53.08
-21.33
-16.95
Shares, basic (weighted)
0.07
0.13
0.13
0.46
1.93
2.56
2.68
5.49
6.89
Shares, diluted (weighted)
0.07
0.12
0.13
0.46
1.93
2.56
2.68
5.49
6.89
Dividend per share
0.00
0.00
0.00
Balance sheet
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
53.3
9.48
10.6
84.3
278
258
160
56.5
38.9
Short-term investments
0
51.8
10.3
0
0
Other current assets
0.08
0.02
0.18
0.23
0
0.34
0.46
0.74
0.31
Total current assets
55.2
110
64.2
100
282
261
162
180
161
Property, plant and equipment
0.04
0.32
2.12
2.79
14.6
28.7
26.8
22.5
16.5
Lease right-of-use assets
23.1
20.4
20.3
17.4
14.2
10.9
Goodwill
20.1
19.5
19.5
0
Intangible assets
0
Long-term investments
10.6
0
Other non-current assets
0.41
1.84
1.89
1.21
0.82
0.43
0.08
Total assets
55.2
110
81.6
154
339
331
207
220
192
Accounts payable
1.52
2.99
1.05
1.55
3.26
4.4
2.63
4.83
4.74
Accrued liabilities
3.99
2.73
5.48
3.83
4.02
5.7
6.51
7.11
5.63
Deferred revenue
11
14
4.81
0
Total current liabilities
5.5
5.72
14.9
22.5
16.3
19.7
19.3
19.4
21.5
Lease liabilities
20.4
19.4
18.5
17.7
14.1
10.9
Other non-current liabilities
0.02
0.02
0.12
0.11
0.13
0.12
0.06
Total liabilities
5.5
5.74
27.9
44
35.8
38.4
37.1
33.6
33.1
Paid-in capital
1.85
176
9.26
216
471
530
551
684
774
Retained earnings
-33.8
-71.4
-69.6
-106
-168
-238
-381
-498
-615
Other comprehensive income
-0.04
0.02
0.02
0
0
0
0.02
0.1
Shareholders' equity
-26.9
-33.5
-60.4
110
303
292
170
187
159
Total equity
-26.9
-33.5
-60.4
110
303
292
170
187
159
Total liabilities and equity
55.2
110
81.6
154
339
331
207
220
192
Shares outstanding
0.1
1.75
0.13
2.48
2.48
2.68
2.7
5.16
9.59
Cash flow statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-33.8
-9.3
-28.1
-36.7
-62
-69.8
-143
-117
-117
Depreciation and amortization
0.01
1.22
1.24
1.23
1.54
2.58
6.1
6.47
6.38
Stock-based compensation
0.47
2.48
1.18
5.26
12.5
17.1
20.3
22.2
14.3
Deferred income tax
-0.24
-0.13
0
0
0
0
Change in payables
1.39
-0.28
0.53
-0.81
1.14
1.71
-1.68
1.11
1.03
Cash from operations
-11
-18.2
-27.9
-41.6
-51.1
-44.8
-93.7
-92.4
-95.2
Capital expenditures
-0.04
-0.88
-1.07
-0.99
-13
-16.8
-4.46
-1.12
-1.74
Purchases of investments
-15.2
-76.1
-5.7
Sales and maturities of investments
7.5
29.1
57.8
2.75
0
Cash from investing
-0.04
-16.1
-47.9
115
-2.8
-16.8
-4.46
-119
2.39
Stock issued
0.22
0.03
0.46
238
43.4
0
19.3
0
Cash from financing
64.4
11
76.9
0.3
243
41.5
0.24
111
75.2
Net change in cash
53.3
-23.2
1.13
74
189
-20
-97.9
-100
-17.6
Free cash flow
-11
-19.1
-29
-42.5
-64.1
-61.5
-98.2
-93.5
-97
Income taxes paid
5.11
0
0
0.04
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.02 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-82.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-66.8%
Net income / average total assets.
Return on invested capital (ROIC)
-94.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-14.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-18.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
7.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-12.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-16.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
4.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
25.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
39.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
72.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.71x
Current assets / current liabilities.
Quick ratio
1.84x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.84x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$7.91
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$7.87
Cash from operations / diluted weighted shares.
Book value per share
$12.83
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
0.70x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.70x
Market cap / tangible book value, when positive.
FCF yield
-100.6%
Free cash flow / market cap.
Earnings yield
-117.2%
Net income / market cap (the inverse of P/E).
Was Adicet Bio, Inc. profitable in fiscal 2025?
No. It reported a net loss of $116.8M.
How much free cash flow did Adicet Bio, Inc. generate in fiscal 2025?
Cash from operations of $95.2M minus capital expenditures of $1.7M left free cash flow of -$97.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.