Adicet Bio, Inc. Segments Disclosure
17. Segment Reporting
The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. This presentation is consistent with how the Company’s CODM, its Chief Executive Officer, assesses the performance of the Company and makes operating decisions on a consolidated basis. The accounting policies of the consolidated segment are the same as those described in the summary of significant accounting policies (refer to Note 2). The CODM assesses performance and decides how to allocate resources based on consolidated net loss that also is reported on the consolidated statements of operations and comprehensive loss as net loss. The CODM uses consolidated net loss to monitor budget versus actual results, assess cash runway, and benchmark against the Company’s competitors. The measure of segment assets is reported on the consolidated balance sheets as total assets. The Company’s assets are primarily held in the United States.
The following table sets forth the Company’s segment information (in thousands):
|
Twelve Months Ended December 31, |
|
|
|||||
|
2025 |
|
|
2024 |
|
|
||
External program expenses for product candidates |
|
|
|
|
|
|
||
Prula-cel |
$ |
17,038 |
|
|
$ |
17,756 |
|
|
ADI-270 |
|
9,440 |
|
|
|
4,474 |
|
|
ADI-212 |
|
2,181 |
|
|
|
— |
|
|
Other programs(1) |
|
— |
|
|
|
1,191 |
|
|
Total external program expenses for product candidates |
|
28,659 |
|
|
|
23,421 |
|
|
Non-program specific expenses(2) |
|
11,300 |
|
|
|
12,085 |
|
|
Personnel-related expenses (including non-cash stock-based compensation)(3) |
|
53,194 |
|
|
|
62,163 |
|
|
Depreciation |
|
6,381 |
|
|
|
6,468 |
|
|
Professional services and consulting fees |
|
8,050 |
|
|
|
7,339 |
|
|
Facilities and infrastructure expenses |
|
8,154 |
|
|
|
8,560 |
|
|
Other segment expense(4) |
|
6,376 |
|
|
|
7,579 |
|
|
Interest income |
|
(5,777 |
) |
|
|
(10,714 |
) |
|
Other expense, net |
|
466 |
|
|
|
221 |
|
|
Income tax provision |
|
— |
|
|
|
— |
|
|
Segment net loss |
$ |
116,803 |
|
|
$ |
117,122 |
|
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.