Adicet Bio Reports First Quarter 2025 Financial Results and Provides Business Updates

On May 6, 2025 Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, reported financial results and operational highlights for the first quarter ended March 31, 2025 (Press release, Adicet Bio, MAY 6, 2025, View Source [SID1234652615]).

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"We are approaching an exciting inflection point for our pipeline, with significant data milestones on the horizon," said Chen Schor, President and Chief Executive Officer of Adicet Bio. "In the second half of 2025, we expect to report preliminary Phase 1 data from our two lead programs – ADI-001 in autoimmune diseases and ADI-270 in ccRCC, with more than 6 patients with at least 3-month follow up in both programs. As we progress toward these readouts, we also look to harness the full potential of our allogeneic gamma delta 1 CAR T cell therapy platform, which we believe has key advantages over other cell types. We have identified two promising highly differentiated programs, one targeting PSMA and one follow-on program targeting autoimmune diseases with potential to become best-in-class therapies for patients fighting autoimmune diseases and cancer."

First Quarter 2025 and Recent Operational Highlights:

Autoimmune diseases

Enrollment open for LN and SLE patients in Phase 1 clinical trial of ADI-001 in autoimmune diseases. In April 2025, Adicet expanded enrollment in its Phase 1 trial to include patients with SLE, in addition to ongoing enrollment in LN. The Company expects to initiate enrollment for patients with systemic sclerosis (SSc), idiopathic inflammatory myopathy (IIM), stiff person syndrome (SPS) and anti-neutrophil cytoplasmic autoantibody associated vasculitis (AAV) in the Phase 1 trial in 3Q/2025. Preliminary clinical data from the trial is expected in 2H/2025, subject to study site initiation and patient enrollment.
ADI-001 granted two new Fast Track Designations. In February 2025, the Food and Drug Administration (FDA) granted Fast Track Designation to ADI-001 for the treatment of refractory SLE with extrarenal involvement and for SSc.
Hematologic malignancies and solid tumor indications

Patient enrollment ongoing in Phase 1 trial of ADI-270 in metastatic/advanced ccRCC. Patient enrollment is underway in the Phase 1 clinical trial evaluating ADI-270 in adults with relapsed or refractory metastatic/advanced ccRCC. Adicet expects to share preliminary clinical data from the trial in 2H/2025.
Oral presentation of ADI-270 data at the American Society of Gene and Cell Therapy (ASGCT) (Free ASGCT Whitepaper) 28th Annual Meeting. Adicet will present an oral abstract highlighting strong preclinical data demonstrating ADI-270’s anti-tumor activity in hematologic and solid tumor models at the ASGCT (Free ASGCT Whitepaper) Annual Meeting taking place May 13-17, 2025 in New Orleans, LA.
Presented ADI-270 preclinical data at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) 2025 Spring Scientific Meeting. In March 2025, Adicet presented posters covering preclinical data of ADI-270 at the SITC (Free SITC Whitepaper) 2025 Spring Scientific Meeting.
Corporate Update

Appointed Michael Grissinger to Board of Directors. In April 2025, Adicet appointed Michael Grissinger to its Board of Directors. Mr. Grissinger brings over four decades of leadership experience in biopharmaceutical business development, strategy, and M&A to Adicet. Mr. Grissinger has an extensive track record of driving commercial success for global pharmaceutical companies, with a strong focus on immunology. He also serves on the board of directors at Aprea Therapeutics (Nasdaq: APRE) and three privately-held biotechnology companies, Envisagenics, Inc., AnaCardio AB, and NephroDI Therapeutics, Inc.
Financial Results for First Quarter 2025:

Research and Development (R&D) Expenses: R&D expenses were $22.8 million for the three months ended March 31, 2025, compared to $23.9 million during the same period in 2024. The decrease in R&D expenses was primarily due to a net $1.4 million decrease in expenses related to contract development manufacturing organizations and other externally conducted research and development.
General and Administrative (G&A) Expenses: G&A expenses were $7.1 and 7.0 million for the three months ended March 31, 2025 and 2024, respectively.
Net Loss: Net loss for the three months ended March 31, 2025 was $28.2 million, or a net loss of $0.31 per basic and diluted share, including non-cash stock-based compensation expense of $3.1 million, as compared to a net loss of $28.0 million, or a net loss of $0.35 per basic and diluted share, including non-cash stock-based compensation expense of $5.7 million during the same period in 2024.
Cash Position: Cash and cash equivalents were $150.4 million as of March 31, 2025, compared to $176.3 million as of December 31, 2024. The Company expects that current cash, cash equivalents and short-term investments as of March 31, 2025, will be sufficient to fund its operating expenses into the second half of 2026.

Q1 2025 Results

On May 6, 2025 Leidos reported first quarter financial results (Presentation, Leidos, MAY 6, 2025, View Source [SID1234654243]).

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Almac Discovery and Formosa Pharmaceuticals announce global licensing agreement for development and commercialisation of ALM-401, a first-in-class EGFRxROR1 Bispecific Antibody-Drug Conjugate

On May 6, 2025 Formosa Pharmaceuticals, Inc. ("Formosa"; 6838.TW ticker-symbol on the Taiwan Stock Exchange) and Almac Discovery reported a global licensing agreement for development and commercialisation of ALM-401, a first-in-class engineered bispecific Antibody-Drug Conjugate (ADC), addressing the high unmet needs of cancer patients worldwide suffering with intractable and aggressive solid tumours (Press release, Almac, MAY 6, 2025, View Source [SID1234652564]).

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The agreement facilitates the next phases of CMC and drug development by Formosa, including IND submission and early clinical proof-of-concept in international clinical trials.

ALM-401 has been the culmination of a multi-year R&D programme at Almac Discovery deploying their proprietary OmniaScape informatics platform, protein engineering and medicinal chemistry capabilities.

The design of ALM-401 has built upon the recent clinical successes within the ADC field, including selection of a linker-payload matched to potential clinical cancer indications, and the molecule also benefits from being approximately half the size of conventional ADCs, thereby facilitating enhanced solid tumour penetration. The main features of ALM-401 include:

Innovative bi-specific target-pairing based on co-expression and functional analysis of specific, aggressive solid tumours
Sustained high-efficacy in vivo in PDX models; as presented at the 2025 American Association for Cancer Research (AACR) (Free AACR Whitepaper) (AACR; Chicago) annual meeting
Half-the-size of conventional ADCs for enhanced solid tumour penetration and optimised manufacturing.
Formosa Pharmaceuticals, Inc. (6838.TW) is a clinical stage biotechnology company with primary focus in the areas of ophthalmology and oncology, with particular CMC and manufacturing expertise for specialist ADC therapeutics. "Formosa Pharma is pleased to have this opportunity to bring ALM-401 into our development pipeline. This novel, next-generation ADC complements our corporate strategy and resources and promises to deliver a differentiated therapy to cancer patients worldwide. We look forward to collaborating closely with Almac Discovery in advancing this exciting program through clinical trials, commercialization, and beyond." said Dr. Erick Co, President and CEO of Formosa Pharmaceuticals.

"We are pleased to have met Formosa’s exacting selection requirements for Next Generation ADC candidates," said Dr Stephen Barr, President and Managing Director of Almac Discovery. "This agreement allows the seamless progression of the molecule into clinical evaluation, driven by Formosa."

"In addition to an excellent preclinical efficacy profile, high-quality, robust and scalable CMC and manufacturing is a key competitive advantage for ADCs in the fast-moving race for effective cancer therapeutics" commented Dr Graham Cotton, Vice-President of Protein Therapeutics, Almac Discovery.

Myriad Genetics Reports First Quarter 2025 Financial Results; Updates 2025 Financial Guidance

On May 6, 2025 Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in molecular diagnostic testing and precision medicine, reported financial results for its first quarter ended March 31, 2025 and updated its previously issued financial guidance on business performance for the full-year 2025 (Press release, Myriad Genetics, MAY 6, 2025, View Source [SID1234652583]).

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"We had a challenging first quarter of 2025 with strength in our prenatal and oncology MyRisk tests offset by softness in GeneSight and unaffected hereditary cancer tests. While we are actively working on initiatives to re-accelerate testing volumes, this will take time; therefore we are lowering our 2025 financial guidance. We are taking immediate steps to reduce overall expenditures while prioritizing investment in new product development and programs intended to drive revenue growth," said Sam Raha, President and CEO, of Myriad Genetics.

"As a new leadership team we are focused on unlocking Myriad Genetics’ potential by implementing a compelling strategy, strengthening our organizational capabilities, and improving execution."

Financial and Operational Highlights
•Test volumes of 385,000 in the first quarter of 2025 increased 1% year-over-year.
•The following table summarizes year-over-year testing volume changes in the company’s core product categories:
Three Months Ended March 31,
(in thousands) 2025 2024 % Change
Product volumes:
Hereditary cancer
73 71 3 %
Tumor profiling(1)
12 14 (14) %
Prenatal 173 172 1 %
Pharmacogenomics
127 124 2 %
Total 385 381 1 %
(1) Tumor Profiling decreased for the three months ended March 31, 2025 compared to the same period in the prior year due primarily to a decrease in testing volume for EndoPredict due to the sale of the company’s international EndoPredict business in August 2024.

•The following table summarizes year-over-year revenue changes in the company’s core product categories:
Three Months Ended March 31,
(in millions)
2025 2024 % Change
Product revenues:
Hereditary cancer
$ 86.3 $ 88.1 (2) %
Tumor profiling(1)
29.3 30.9 (5) %
Prenatal 49.3 44.3 11 %
Pharmacogenomics
31.0 38.9 (20) %
Total $ 195.9 $ 202.2 (3) %
(1) Tumor Profiling decreased for the three months ended March 31, 2025 compared to the same period in the prior year due primarily to a decrease in testing volume for EndoPredict due to the sale of the company’s international EndoPredict business in August 2024.

•Operating expenses in the first quarter of 2025 were $163.2 million, decreasing $2.3 million year-over-year. Adjusted operating expenses in the first quarter of 2025 increased $1.5 million year-over-year to $140.6 million, reflecting the company’s commitment to disciplined cost management while maintaining investments in key strategic areas, such as research and development.
•Operating loss in the first quarter of 2025 was $29.0 million, an increase of $1.1 million year-over-year; adjusted operating loss in the first quarter of 2025 was $5.5 million.

Cash Flow and Liquidity
First quarter 2025 cash flow used in operations was $16.3 million; adjusted cash flow used in operations in the first quarter of 2025 was $10.4 million, a decrease of $1.1 million year-over-year. Capital expenditures and capitalization of internal use software costs were $8.3 million in the first quarter 2025.

As of the end of the first quarter 2025, the company had cash and cash equivalents of $92 million and the ability to access an incremental $42 million of availability under its asset-based credit facility (ABL Facility). The continued availability and amount thereof under the ABL Facility is subject to maintaining compliance with the fixed charge coverage ratio and maintaining $20 million of cash in a controlled account with the administrator of the ABL Facility.

Business Performance and Highlights
Oncology
The Oncology business delivered revenue of $77.7 million in the first quarter of 2025.
•First quarter 2025 hereditary cancer testing volume and revenue in Oncology grew 5% and 0% year-over-year, respectively, as MyRisk with RiskScore testing volume in the affected population grew 11% year-over-year. A year-over-year decrease in average revenue per hereditary cancer test in the first quarter 2025 was largely due to a difference in change in estimated revenue related to prior periods.
•First quarter 2025 Prolaris test revenue declined 2% year-over-year as Myriad Genetics continues to educate clinicians on how it believes the Prostate Cancer Guidelines from the National Comprehensive Cancer Network (NCCN) underscore the critical role of Myriad Genetics’ portfolio of offerings across the patient’s prostate cancer journey.
•New clinical data highlighting the performance of the Precise MRD test was presented at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) conference in April 2025 and additional clinical data will be presented at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) annual meeting in May 2025.
•Myriad continues to make progress and intends to commercially launch its first AI-driven prostate cancer test, in partnership with PATHOMIQ, by end of 2025.

Women’s Health
The Women’s Health business delivered revenue of $87.2 million in the first quarter of 2025.
•Prenatal testing revenue in the first quarter of 2025 grew 11% year-over-year reflecting growth across both carrier screen and non-invasive prenatal testing. First quarter saw positive early adoption of the mid-fourth quarter 2024 launch of the Prequel Early Gestational Age test.
•First quarter 2025 hereditary cancer testing revenue for the unaffected population decreased 4% year-over-year on stable volume as the company continues to develop and deploy its electronic medical records (EMR) efforts and further expand its breast cancer risk assessment programs across its current and new provider base.

Pharmacogenomics
GeneSight test revenue was $31.0 million in the first quarter of 2025. As anticipated, first quarter this test revenue was impacted by UnitedHealthcare’s decision to discontinue coverage of multi-gene panel pharmacogenetic testing, effective in the first quarter of 2025, as well as Myriad Genetics’ actions to streamline the Pharmacogenomics organization.

Financial Guidance
Myriad Genetics does not provide forward-looking guidance in accordance with accounting principles generally accepted in the United States (GAAP) for the measures on which it provides forward-looking non-GAAP guidance as the company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are dependent on various factors, are out of the company’s control, or cannot be reasonably predicted. Such adjustments include, but are not limited to, real estate optimization and transformation initiatives, certain litigation charges and loss contingencies, costs related to acquisitions/divestitures and the related amortization, impairment and related charges, depreciation, equity compensation, tax benefits, and other adjustments. For example, stock-based compensation may fluctuate based on the timing of employee stock transactions and unpredictable fluctuations in the company’s stock price. Any associated estimate of these items and its impact on GAAP performance could vary materially.

Below is a table updating Myriad Genetics’ full-year 2025 financial guidance*:
(in millions, except per share amounts) INITIAL 2025 Guidance
CURRENT 2025 Guidance
FY 2025 Comments
Revenue $840 – $860
$807 – $823
Lowered 2025 revenue range mid-point by $35 million reflecting an updated outlook for our pharmacogenomics business and hereditary cancer testing in our Women’s Health business.
Gross Margin %
69.5% – 70.5% 68.5% – 69.5% Gross margins expected to fluctuate in any quarter given product mix and pricing trends.
Adjusted Operating Expenses
$575 – $595
$555 – $565
Change reflects moderating planned expenditures for remainder of 2025.
Adjusted EBITDA** $25 – $35
$19 – $27
Adjusted EPS*** $0.07 – $0.11
$(0.02) – $0.02
*
Assumes currency rates as of May 6, 2025.
** Adjusted EBITDA is defined as Net Income (loss) plus income tax expense (benefit), total other income (expense), non-cash operating expenses, such as amortization of intangible assets, depreciation, impairment of long-lived assets, and share-based compensation expense, and one-time expenses such as expenses from real estate optimization initiatives, transformation initiatives, legal settlements, and divestitures and acquisitions.
***
Full-year 2025 adjusted EPS is based on a 94 million share count.

These projections are forward-looking statements and are subject to the risks summarized in the safe harbor statement at the end of this press release.

Conference Call and Webcast
A conference call will be held today, Tuesday, May 6, 2025, at 4:30 p.m. ET to discuss Myriad Genetics’ financial results and business developments for the first quarter 2025. A live webcast of the conference call can be accessed on Myriad Genetics’ Investor Relations website at investor.myriad.com. To participate in the live conference call via telephone, please register at View Source Upon registering, a dial-in number and unique PIN will be provided to join the conference call. Following the conference call, an archived webcast of the call will be available at investor.myriad.com.

Zetagen Therapeutics Announces Successful Completion of Enrollment in Phase 2a Clinical Study of ZetaMet™ (Zeta-BC-003) Metastatic Breast Cancer

On May 6, 2025 Zetagen Therapeutics, Inc., a private, clinical stage, biopharmaceutical company focused on developing breakthrough therapies, via local administration, for metastatic and primary breast cancers, reported they have successfully completed enrollment in their phase 2a study, which will evaluate ZetaMet (Zeta-BC-003) in the treatment of spinal metastatic lytic breast cancer lesions (ClinicalTrials.gov #NCT05280067) (Press release, Zetagen Therapeutics, MAY 6, 2025, View Source [SID1234652599]).

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"We are excited to reach another critical milestone in the development of ZetaMet (Zeta-BC-003), " said Joe C. Loy, Zetagen’s Chief Executive Officer. "We launched this study with stage IV breast cancer patients suffering from spinal metastases, because we recognize their severe pain and how debilitating it is, and that current treatments remain largely palliative. Our objective with ZetaMet is to eliminate cancer cells responsible for bone destruction, alleviate pain, stimulate the regeneration of bone lost to lytic lesions, enhance overall quality of life, while improving survival rates."

The 26-week study, conducted at the University of British Columbia, (UBC) Vancouver, BC, Canada, will evaluate the safety and efficacy of ZetaMet (Zeta-BC-003) in treating vertebral bone defects created by lytic metastatic breast cancer. The study will measure the reduction of skeletal related events (SRE), pain, change in vertebral body defect size, and postoperative prescribed opioid use. The Company anticipates reporting top-line results early fourth quarter of 2025.

Zetagen expects to submit an Investigation New Drug (IND) application to the U.S. Food and Drug Administration ("FDA"), leveraging its FDA’s Breakthrough designations.

About ZetaMet (Zeta-BC-003)
ZetaMet’s (Zeta-BC-003) small molecule mechanism of action (MOA) via a novel molecular pathway initiates a circuit which results in tumor cell death.

ZetaMet (Zeta-BC-003) is the first-of-its-kind, synthetic, small-molecule delivered via a proprietary controlled-release carrier intended to resolve metastatic breast cancer bone lesions, administered locoregionally, to inhibit pain while regenerating new bone, with the potential to increase survival rates.

The US Food & Drug Administration (FDA) has recognized Zetagen’s discoveries with multiple Breakthrough Designations including ZetaMet (Zeta-BC-003).

Zetagen with FDA and Health Canada (HC) approval via their Expanded Access (Compassionate Use) programs has treated several patients with ZetaMet (Zeta-BC-003) with results published in multiple peer-reviewed journals.

Peer-reviewed 2-year follow up clinical data published in 2023 on ZetaMet (Zeta-BC-003) demonstrated resolution of 7 lytic lesions (radiated and non-radiated), reduction in pain, significant reduction in opioid pain medication (4-fold), prevention of vertebral fracture, and increased survival rate in a patient living with Stage 4 breast cancer.[i] To view this publication via open access, go to: View Source