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Shanghai Adicet Biotechnology Co., Ltd. (the Adicet VIE)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Shanghai Adicet Biotechnology Co., Ltd. (the Adicet VIE)

16. Shanghai Adicet Biotechnology Co., Ltd. (the Adicet VIE)

In May 2024, the Company initiated research and development activities in China through a series of contractual agreements entered into by and among the Adicet VIE, Adicet Shanghai, and the shareholders of the Adicet VIE. Since the Company determined it was the primary beneficiary of the Adicet VIE, the Adicet VIE was consolidated in the Company’s unaudited consolidated financial statements as of June 30, 2025. For the three months ended June 30, 2025, $1.0 million of expenses have been incurred by the Adicet VIE, of which $0.9 million was recorded in research and development expense, and less than $0.1 million was recorded in general and administrative expense. For the six months ended June 30, 2025, $1.5 million of expenses have been incurred by the Adicet VIE, of which $1.4 million was recorded as research and development expense and $0.1 million as general and administrative expense in the Company’s unaudited condensed consolidated statements of operations.

The carrying amount of assets and liabilities of the Adicet VIE excluding intercompany balances, consisted of the following (in thousands):

		June 30, 2025				December 31, 2024
Assets
Cash and cash equivalents		$	69			$	46
Prepaid expenses and other current assets			49				28
Total current assets			118				74
Property and equipment, net			9				4
Total assets		$	127			$	78
Liabilities
Accrued and other current liabilities			28				9
Total liabilities		$	28			$	9

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- References

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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