Issue 002 | U.S. Pilot | US

ACET

Adicet Bio, Inc.

Screen state: Needs Review Source state: Needs Review 10-K | 2026-05-20 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 39.1%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 160,926,000USD
Total Liabilities: 33,145,000USD
NCAV: 127,781,000USD
Cash: 38,918,000USD
NCAV per share: 11.85USD/share
Evidence: 9 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001720580-26-000037	2026-05-13	10-Q	Verified	Data Vault \| sec/cleaned/cik=0001720580/accession=0001720580-26-000037/parser=html-cleaner-v1/full.txt

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing	2019-12-31 10-K Open filing	2018-12-31 10-K Open filing	2017-12-31 10-K Open filing
Period-end Shares Outstanding	n/an/a	9,586,7709,586,770	n/an/a	433,60783,252,520	430,77982,709,625	430,04882,569,168	429,17282,400,960	429,17282,400,960	427,96682,169,503	225,36743,270,386	224,52043,107,921	224,30343,066,158	223,73742,957,431	n/an/a	222,85242,787,657	208,44140,020,755	n/an/a	206,96339,736,914	23,77631,955,050	23,69231,842,002	14,64119,677,249	27,11736,444,732	20,87528,055,344	n/an/a
Weighted-average Basic Shares	n/an/a	6,891,3366,891,336	474,40991,086,464	474,40491,085,506	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	213,96041,080,286	n/an/a	n/an/a	223,72842,955,688	213,96041,080,286	n/an/a	n/an/a	207,41339,823,246	n/an/a	n/an/a	n/an/a	5,4467,319,977	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	10,744,62110,744,621	5,491,6525,491,652	473,15890,846,293	472,04290,632,045	474,33091,071,436	457,63887,866,435	473,15890,846,293	472,04290,632,045	411,83279,071,652	224,17943,042,405	223,85842,980,641	223,73542,957,035	223,72842,955,688	161,20930,952,152	216,89041,642,815	208,72440,075,060	239,36945,958,941	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-2-2	-17-17	-1-1	-1-1	-0-0	-1-1	-1-1	-1-1	-0-0	-3-3	-3-3	-1-1	-1-1	-2-2	-1-1	-1-1	00	-2-2	-2-2	-1-1	n/an/a	n/an/a	n/an/a	n/an/a
Diluted EPS	-2-2	-17-17	-1-1	-1-1	-0-0	-1-1	-1-1	-1-1	-0-0	-3-3	-3-3	-1-1	-1-1	-2-2	-1-1	-1-1	00	-2-2	-2-2	-1-1	n/an/a	n/an/a	n/an/a	n/an/a
Basic-to-Diluted Share Difference	Insufficient evidence	-20.3%	-0.3%	-0.5%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	4.8%	Insufficient evidence	Insufficient evidence	0.0%	-24.7%	Insufficient evidence	Insufficient evidence	15.4%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	Insufficient evidence	Insufficient evidence	0.0%	0.7%	0.2%	0.2%	0.0%	0.3%	89.9%	0.4%	0.1%	0.3%	Insufficient evidence	Insufficient evidence	6.9%	Insufficient evidence	Insufficient evidence	770.5%	0.4%	61.8%	-46.0%	29.9%	Insufficient evidence	Insufficient evidence
Ownership Claim Change	Insufficient evidence	Insufficient evidence	-0.0%	-0.7%	-0.2%	-0.2%	0.0%	-0.3%	-47.3%	-0.4%	-0.1%	-0.3%	Insufficient evidence	Insufficient evidence	-6.5%	Insufficient evidence	Insufficient evidence	-88.5%	-0.4%	-38.2%	85.2%	-23.0%	Insufficient evidence	Insufficient evidence

Verified split events: reverse 7.0 on 2021-12-31; reverse 12.0 on 2025-12-19; reverse 16.0 on 2025-12-31

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

High | Filing

Some rows do not have a verified direct filing URL in the local official filing cache.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD	2018-12-31 10-K USD	2017-12-31 10-K USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating Income	-122,114,000	-127,615,000	-152,038,000	-72,551,000	-61,433,000	-39,191,000	-85,457,000	-39,705,000	-18,882,000
Net Income	-116,803,000	-117,122,000	-142,658,000	-69,790,000	-61,999,000	-36,678,000	-82,739,000	-37,614,000	-33,778,000
Cash From Operations	-95,246,000	-92,378,000	-93,717,000	-44,765,000	-51,052,000	-41,552,000	-73,682,000	-35,534,000	-10,985,000
Capex	-1,738,000	-1,118,000	-4,464,000	-16,782,000	-13,046,000	-990,000	-271,000	-362,000	-44,000
Free Cash Flow	-96,984,000	-93,496,000	-98,181,000	-61,547,000	-64,098,000	-42,542,000	-73,953,000	-35,896,000	-11,029,000
Cash And Equivalents	38,918,000	56,495,000	159,711,000	257,656,000	277,544,000	84,330,000	33,774,000	7,042,000	53,349,000
Accounts Receivable	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	160,926,000	180,136,000	162,272,000	261,038,000	282,438,000	100,336,000	93,253,000	109,534,000	55,154,000
Total Assets	192,355,000	220,219,000	207,295,000	330,690,000	338,938,000	153,835,000	93,912,000	109,939,000	55,193,000
Total Current Liabilities	21,531,000	19,392,000	19,287,000	19,707,000	16,317,000	22,479,000	12,199,000	5,716,000	5,502,000
Total Liabilities	33,145,000	33,610,000	37,120,000	38,352,000	35,809,000	44,008,000	12,214,000	5,735,000	5,502,000
Shareholders Equity	159,210,000	186,609,000	170,175,000	292,338,000	303,129,000	109,827,000	81,698,000	104,204,000	-31,929,000
Shares Outstanding	9,596,407	430,655	427,885	223,723	207,693	23,646	27,117	20,875	4,211
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	6,891,336	457,638	224,179	213,960	161,209	5,446	2,148,317	2,049,680	2,983
Weighted Avg Shares Basic	6,891,336	457,638	224,179	213,960	161,209	5,446	2,148,317	2,049,680	2,983
Net Share Count Change (Normalized)	Insufficient evidence	0.2%	0.4%	Insufficient evidence	770.5%	-46.0%	29.9%	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	-0.2%	-0.4%	Insufficient evidence	-88.5%	85.2%	-23.0%	Insufficient evidence	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating Income	-21,570,000	-31,885,000	-27,952,000	-32,392,000	-29,885,000	-30,742,000	-33,153,000	-32,849,000	-30,871,000	-31,564,000	-52,262,000	-34,890,000	-33,322,000	-31,565,000	-22,985,000	-22,707,000	4,706,000	-15,542,000	-13,710,000	-10,827,000
Net Income	-20,244,000	-30,516,000	-26,856,000	-31,217,000	-28,214,000	-28,727,000	-30,478,000	-29,901,000	-28,016,000	-29,489,000	-49,885,000	-32,403,000	-30,881,000	-29,874,000	-21,996,000	-22,538,000	4,618,000	-15,813,000	-14,013,000	-10,854,000
Cash From Operations	-21,490,000	-20,909,000	-22,307,000	-26,633,000	-25,397,000	-24,101,000	-22,006,000	-23,422,000	-22,849,000	-23,486,000	-21,238,000	-24,899,000	-24,094,000	-18,837,000	-15,328,000	-14,705,000	4,105,000	-13,444,000	-9,684,000	-12,778,000
Capex	-37,000	10,000	-209,000	-47,000	-1,492,000	-176,000	-401,000	-302,000	-239,000	-136,000	-906,000	-1,507,000	-1,915,000	-6,490,000	-4,811,000	-2,849,000	-2,632,000	-3,078,000	-7,178,000	-2,132,000
Free Cash Flow	-21,527,000	-20,899,000	-22,516,000	-26,680,000	-26,889,000	-24,277,000	-22,407,000	-23,724,000	-23,088,000	-23,622,000	-22,144,000	-26,406,000	-26,009,000	-25,327,000	-20,139,000	-17,554,000	1,473,000	-16,522,000	-16,862,000	-14,910,000
Cash And Equivalents	36,245,000	38,918,000	29,099,000	34,720,000	28,133,000	56,495,000	105,482,000	224,069,000	247,589,000	159,711,000	183,257,000	205,460,000	231,640,000	257,656,000	282,679,000	260,642,000	277,883,000	277,544,000	192,226,000	208,726,000
Total Current Assets	140,071,000	160,926,000	106,494,000	127,740,000	153,563,000	180,136,000	206,316,000	228,353,000	250,350,000	162,272,000	185,883,000	208,656,000	234,808,000	261,038,000	285,737,000	264,088,000	281,532,000	282,438,000	199,025,000	216,303,000
Total Liabilities	29,317,000	33,145,000	31,337,000	29,600,000	29,825,000	33,610,000	34,431,000	33,731,000	34,291,000	37,120,000	38,580,000	38,572,000	38,759,000	38,352,000	36,645,000	36,637,000	29,367,000	35,809,000	39,971,000	40,437,000
Shares Outstanding	9,348,236	9,586,770	798,206	433,613	430,779	430,655	429,172	429,172	427,987	427,885	224,815	224,303	223,737	223,724	223,184	208,494	208,356	207,693	23,776	23,692
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	10,744,621	6,891,336	474,409	474,404	474,330	473,178	473,158	472,042	411,832	225,383	223,858	223,735	223,728	222,613	216,890	208,724	239,369	176,626	23,717	23,679
Weighted Avg Shares Basic	10,744,621	6,891,336	474,409	474,404	474,330	473,178	473,158	472,042	411,832	225,383	223,858	223,735	223,728	222,613	216,890	208,724	207,413	176,626	23,717	23,679
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	0.0%	0.7%	0.2%	0.2%	0.0%	0.3%	89.9%	0.4%	0.1%	0.3%	Insufficient evidence	Insufficient evidence	6.9%	Insufficient evidence	Insufficient evidence	770.5%	0.4%	61.8%
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	-0.0%	-0.7%	-0.2%	-0.2%	0.0%	-0.3%	-47.3%	-0.4%	-0.1%	-0.3%	Insufficient evidence	Insufficient evidence	-6.5%	Insufficient evidence	Insufficient evidence	-88.5%	-0.4%	-38.2%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	140,071,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001720580/companyfacts.json Data Vault \| sec/companyfacts/cik=0001720580/companyfacts.json
Total Liabilities	29,317,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001720580/companyfacts.json Data Vault \| sec/companyfacts/cik=0001720580/companyfacts.json
Cash	36,245,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001720580/companyfacts.json Data Vault \| sec/companyfacts/cik=0001720580/companyfacts.json
Shares Outstanding	9,348,236	dei:EntityCommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001720580/companyfacts.json Data Vault \| sec/companyfacts/cik=0001720580/companyfacts.json
NCAV	110,754,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	11.85USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	39.1%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001720580
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001720580/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001720580/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 24
Imported At: 2026-08-15T12:51:30+00:00
Rendered At: 2026-08-16T03:29:43+00:00

Run Audit

Mary Run: f75c5d221f074da8a489fba328e8ef51
Mary As Of: 2026-07-18
Accession: 0001720580-26-000042
CIK: 0001720580
Mary Filing Date: 2026-05-20
Filing Currency: USD
Internal Discount: 39.1%
Source State: Needs Review
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=f75c5d221f074da8a489fba328e8ef51; mary_as_of=2026-07-18; mary_filing_date=2026-05-20; mary_accession=0001720580-26-000042; mary_cik=0001720580; gnni_supporting_filing_date=2026-05-13; internal_discount=0.390797; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.; source requires review

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