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Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

19. Subsequent Events

Reduction in Force

On July 22, 2025, the board of directors approved a reduction in workforce by approximately 30% of the Company’s current employee base in connection with its strategic pipeline prioritization, as described below. The workforce reduction is expected to be substantially completed by the end of the third quarter of 2025. As a result of these actions, the Company expects to incur personnel-related restructuring charges of approximately $2.3 million in connection with one-time employee termination cash expenditures, including severance and other benefits, which are expected to be substantially incurred in the third quarter of 2025. The Company may also incur other charges or cash expenditures not currently

contemplated due to events that may occur as a result of, or associated with, the workforce reduction or retention efforts. These estimates of the costs that the Company expects to incur, and the timing thereof, are subject to a number of assumptions and actual results may differ.

Strategic Pipeline Prioritization

On July 23, 2025, the Company announced a strategic prioritization of the Company’s pipeline. The Company will focus its resources on ADI-001, currently in Phase 1 clinical studies for autoimmune indications, and ADI-212, an optimized next-generation gene-edited and armored clinical candidate targeting prostate specific membrane antigen (PSMA). The Company has discontinued the development of ADI-270 and closed enrollment in its Phase 1 clinical trial in patients with metastatic/advanced clear renal cell carcinoma.