Q1 Financials; Prula Updates Ahead in Mid:26

Research evidence excerpt

Q1 Financials; Prula Updates Ahead in Mid:26

Company Report

May 13, 2026 Adicet Bio, Inc (ACET)

Rating: Q1 Financials; Prula Updates Ahead in Mid:26OUTPERFORM

Price:

$7.95 The Wedbush View

12-Month Price Target:

$25.00 ACET reported first quarter financials and provided updates regarding gamma

delta T cell candidates. Prula-cel continues to be evaluated in various autoimmune

Analysts diseases, including LN, SLE, systemic sclerosis, IIM, SPS, and AAV. ACET plans to

Robert Driscoll, Ph.D. present updated data from patients with SLE/LN in mid:2026, as well as meet

(415) 274-6863 with the FDA in 2Q:26 to discuss pivotal trial design, setting up for potential

Robert.Driscoll@wedbush.com pivotal trial launch in 2H:26. As a reminder, initial data for prula-cel in SLE/LN

Geoffrey Von Der Ahe patients was presented last year (see our note, here); at single doses of either

(628) 223-0517 1E8 (n=4) or 3E8 (n=3), all LN patients experienced renal response, including 3/5geoffrey.vonderahe@wedbush.com

complete responses (all with DORIS remissions). This correlated with reductions

in SLEDAI-2K and PGA scores; further, all patients receiving prula discontinued

Company Information immunosuppressants, and all reduced corticosteroid doses to physiological levels.

Market Cap (M) $78 We view these data, as well as evidence of complete B cell reset, as highly validating

Shares Outst (M) 10.7 of prula’s potential in treatment refractory autoimmune conditions. Additionally,52-Week Range $6.01 - $17.44

we note the tolerability profile for prula, including just 2 cases of G1 CRS, as

REV (M) in $ allowing for outpatient dosing, following FDA alignment last year. Beyond SLE/

FYE Dec 2025A 2026E 2027E LN, we look forward to clinical updates in systemic sclerosis and RA in 2H:26; in