Slide 1: September 2026 Investor Overview
September 2026 Investor Overview
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” of Adicet within the meaning of the Private Securities Litigation Reform Act of 1995 relating to the business and operations of Adicet. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “in
Slide 3: Adicet Bio: Positioned to Deliver High Value Milestones
Adicet Bio: Positioned to Deliver High Value Milestones Prula-cel: Poised to Become the First Off-the-Shelf, Easy to Administer, One-Time, CAR-T Cell Therapy for Autoimmune Disease Bar for success Transformative therapeutic and market opportunity Advancing Diversified In Vivo CAR-T Portfolio Towards
Slide 4: Developing Broad Pipeline of Allogeneic γδ1 CAR-T and In Vivo CAR-T Therapies
Program Indication Research IND-Enabling Clinical Key Differentiation Prula-cel Target: CD20 LN/SLE Off-the-shelf, outpatient dosing — no leukapheresis or personalized manufacturing Quick, easy administration Favorable safety profile; reduced CRS / ICANS risk* Efficacy comparable to autologous CAR T
Slide 5: Anticipated Near-Term Value-Creating Milestones
Prula-cel Autoimmune disease LN / SLE / SSc ADI-212 mCRPC In Vivo CAR-T MM Program In Vivo CAR-T NHL Program In Vivo CAR-T Solid Tumors Program Anticipated Near-Term Value-Creating Milestones Clinical, regulatory and platform catalysts expected across prula-cel, ADI-212 and in vivo CAR-T programs 20
Slide 6: Prula-cel: Bar for success in autoimmune indications
Prula-cel Bar for success to generate transformative market opportunity in patients with SLE with or without lupus nephritis Autoimmune Indications
Slide 7: Prula-cel: Potentially First Off-the-Shelf, Easy to Administer, One-Time Therapy
Prula-cel: Potentially First Off-the-Shelf, Easy to Administer, One-Time Therapy With Efficacy Comparable to Autologous CAR-T & Favorable Safety Profile* Autologous CAR-T therapies have demonstrated compelling efficacy in patients with autoimmune diseases, however, logistical challenges and safety c
Slide 8: Prula-cel vs Autologous CAR-T: Workflow, Safety, Access
Prula-cel: Potentially First Off-the-Shelf, Easy to Administer, One-Time Therapy With Efficacy Comparable to Autologous CAR-T & Favorable Safety AUTOLOGOUS CAR-T Current paradigm Prula-cel Allogeneic / bank-ready γδ1 CAR-T Treatment Workflow Physician withdraws immunosuppression, schedules leukapher
Slide 9: Prula-cel's Favorable Safety Profile Rooted in γδ1 T Cell Biology
Prula-cel’s Favorable Safety Profile in Autoimmune Compared to a Autologous ab CAR T is Rooted in the Biology of γδ1 T cells γδ1 T cells are defined by a clearly differentiated cytokine profile compared to ab T cells1-4 IEC-HS is primarily related to hyperproliferation of ab CAR T and secretion of I
Slide 10: Significant Unmet Medical Need and Market Opportunity in LN
Significant Unmet Medical Need and Market Opportunity in LN Lupus nephritis is a severe manifestation of SLE and occurs in approximately 40% of patients with SLE No curative therapies exist Roughly, 25-45% of LN patients fail to achieve remission after 24 months of SoC treatment 35,000 refractory LN
Slide 11: Incomplete B-Cell Depletion With Protein-Based Approaches
Incomplete B-Cell Depletion With Protein-Based Approaches (mAbs & TCEs) Associated With Less Robust Clinical Responses in Patients With Autoimmune Diseases Tur C et al. Annals of the Rheumatic Diseases (2025) RTX = rituximab, BLI = blinatumomab, OBI = obinutuzumab Based on historical published data.
Slide 12: Fierce Biotech July 2026: Roche T-cell engager for lupus
Fierce Biotech July 2026 Roche may have scrapped work on a T-cell engager (TCE) for lupus, but the company’s head of pharma told Fierce that the drugmaker still has a strategy for developing cell therapies for autoimmune diseases. As part of a wider pipeline clearout disclosed during Roche’s second-
Slide 13: Smaller Datasets of Autologous CAR-T Therapies
Smaller Datasets of Autologous CAR-T Therapies Four (4) LN patients dosed with rese-cel with 12-month follow-up 1/4 (25%) of patients achieved a CRR after treatment with rese-cel Autolus Corporate Deck May 2026 Rese-cel EULAR 2026 poster Overall, 4/10 (40%) CRR rate Obe-cel and Rese-cel across small
Slide 14: Rap-cel (NVS): CRR Not Reported; Proteinuria Resolved in Half of LN Patients
Rap-cel (NVS): CRR Not Reported; Proteinuria Resolved in Half of LN Patients at 12-Months No data provided on CRR rate or eGFR 50% of patients resolved proteinuria domain of the SLEDAI-2K at 12-months Suggesting CRR rate is up to half 8 of the 21 patients (38%) (n=12 LN & n=9 SLE) from the Phase I t
Slide 15: Obinutuzumab + Chronic Immunosuppression & Steroids CRR Rate of 43%
Obinutuzumab + Chronic Immunosuppression & Steroids CRR Rate of 43% at 18 Months Key considerations CRR - measured at week 76 (~18 months) Obi dosed in addition to standard therapy (daily dosing chronic immunosuppression and steroids) 72% infection rate, including 17% infections as SAE Median baseli
Slide 16: 40% CRR Rate as Clinically Meaningful Benchmark For Cell Therapy
Recent Data Suggest 40% CRR Rate As a Clinically Meaningful Benchmark For Cell Therapy In Heavily Treated Or Refractory Lupus Nephritis 40% CRR clinically meaningful benchmark Rap-cel CRR Not Reported; Proteinuria Resolved in Half of LN Patients at 12-Months (~40% of pts received immunosuppressants
Slide 17: Recently Approved SLE Therapies Fail to Achieve High DORIS Remission Rates
Recently Approved Therapies for SLE Are Delivered On Top of Standard Therapy & Fail to Achieve High DORIS Remission Rates Helmick CG et al. Arthritis & Rheumatism (2007) DORIS Remission Rates for Recent Approved Chronic Therapies in SLE (%) Belimumab & std. therapy Placebo & std. therapy Anifrolumab
Slide 18: ADI-212 Next-Generation, Gene-Edited, Armored Cell Therapy Candidate
ADI-212 Next-Generation, Gene-Edited, Armored Cell Therapy Candidate Designed to Address the Complexity of Solid Tumors mCRPC
Slide 19: Current Challenges for Existing Cell Therapies in Solid Tumors
Current Challenges for Existing Cell Therapies in Solid Tumors 1 – Nonpermissive TME 2 – Effector Cells Become Fatigued 3 – Target Insufficiency Poor immune infiltrate or protected by suppressive cells Missing chemotactic and immunostimulating signals Cell therapy platform lacking tumor trafficking
Slide 20: Three Strategic Pillars for Overcoming Solid Tumor Barriers
Three Strategic Pillars for Overcoming Solid Tumor Barriers 1 – Localized Cytokine Armoring 2 – Transcriptional Tuning 3 – Target & Tumor Engagement Transform to active and permissive immune TME Intrinsic and extrinsic immune activation Controlled1 and localized2 exposure M1 Cytokines Tune transcrip
Slide 21: ADI-212 Integrates Cytokine Armoring, Transcriptional Tuning, and Refined Tumor Targeting
mbIL-12 ADI-212 Integrates Localized Cytokine Armoring, Transcriptional Tuning, and Refined Tumor Targeting 1 – Localized Cytokine Armoring 2 – Transcriptional Tuning 3 – Target & Tumor Engagement MED12 KO PSMA CAR Membrane-tethered IL-12; CAR activation-induced Boosts CAR-T cell potency Modulates a
Slide 22: ADI-212 Designed To Address Multiple Barriers in a Single Off-the-Shelf Product
ADI-212 Designed To Address Multiple Barriers in a Single Off-the-Shelf Product DNAM-1 Inducible Membrane-Tethered IL-12 PSMA-Directed CAR CD3ζ 4-1BB MED12KO PSMA-Directed CAR with clinically supported binding determinants against functional PSMA Tethered IL-12 Cytokine designed to localize and enha
Slide 23: PSMA CAR Design is Tailored for PSMA Target Recognition
PSMA CAR Design is Tailored for PSMA Target Recognition Refined Conformational Epitope for ADI-212 Linear Epitope of Benchmark CAR PSMA Homodimer Membrane proximal Membrane distal Adicet’s proprietary CAR targeting has similar conformational requirements to active and approved therapeutics with less
Slide 24: ADI-212 CAR Refined for Recognition of Functional PSMA Complexes
ADI-212 CAR is Refined for Improved Recognition of Functional PSMA Complexes and Demonstrated Reduced Off-Tissue Targeting Adicet’s binder showed specific staining and demonstrated lower incidence and intensity of off-tissue binding liabilities Refined Conformational Epitope for ADI-212 Linear Epito
Slide 25: Tethered Form of IL-12: Multi-Pronged Anti-Tumor Attack
Tethered Form of IL-12: Perpetuates a Multi-Pronged Anti-Tumor Attack mbIL-12 Armoring Introduces Multiple Mechanisms for Efficacy Enhancement Enhances Cytotoxic Cell Activation and Expansion Drives IFNγ and TNFα release from Effector T and NK cells Supports Th1 polarization, proliferation and persi
Slide 26: ADI-212: Genetic Tuning via MED12 KO
ADI-212: Genetic Tuning via MED12 KO Designed to Enhance Potency and Introduce Synergy Across Armoring Strategies Localize IL-12 signaling to Site of Action mbIL-12 armoring and MED12 KO provide a unique synergy for our CAR Vδ1 T cell platform Maximize potency and manufacturability Maintain prolifer
Slide 27: ADI-212 is Enriched for Vδ1 Memory T cells
ADI-212 is Enriched for Vδ1 Memory T cells and Has the Capacity for Sustained Expansion and Tumor Killing ADI-212 phenotype is largely comprised of Naïve and Stem-like T cells % cells positive ADI-212 sustains higher anti-tumor activity across multiple tumor rechallenges compared to clinically relev
Slide 28: ADI-212 Capacity to Reshape Tumor Microenvironments
ADI-212 Capacity to Reshape Tumor Microenvironments and Maintain Potent Anti-Tumor Killing in the Presence of Immunosuppressive Cells ADI-212 Expansion is Resilient to Suppressive Tregs ADI-212 is Resilient to Inhibition by Suppressive Tregs mbIL-12 on ADI-212 modulates Treg Population in Cocultures
Slide 29: ADI-212 Demonstrated Highly Potent Preclinical Activity in Solid Tumors
ADI-212 Demonstrated Highly Potent Preclinical Activity in Solid Tumors Durable In Vitro Cytotoxicity Demonstrated Against PSMA+ Prostate Cancer Cells ADI-212 showed superior killing capacity with ≥ 6 rechallenges Highly Potent as Single Dose in a mCRPC Tumor In Vivo Model (5E5 Dose) Human mCRPC Xen
Slide 30: ADI-212 First-in-Human Dose Escalation Study
ADI-212 First-in-Human Dose Escalation Study Safety, RP2D, PCWG3 evaluation (bone scan, CT/MRI scan, PSA levels) Screening Lymphodepletion Treatment DLT Period (28 days) Follow Up LTFU Study Consent Day -28 Enrollment Single ADI-212 Dose Day 1 Response/Safety Assessments Up to Month 24 IND Cleared i
Slide 31: In Vivo CAR-T Portfolio
In Vivo CAR-T Portfolio Differentiated in vivo CAR-T approach and pipeline designed to address significant unmet needs Hematologic malignancies and solid tumors
Slide 32: Developing Best In Class In Vivo CAR-T Programs for Oncology and AI indications
Developing Best In Class In Vivo CAR-T Programs for Oncology and AI indications Program Indication Research IND-Enabling Clinical Key Differentiation Multiple Myeloma Target: BCMA Mono / Dual CAR MM Differentiated CAR design with effective BCMA targeting Decreased susceptibility to immune-mediated i
Slide 33: Expected Near-Term Value-Creating Milestones
Prula-cel Autoimmune disease LN / SLE / SSc ADI-212 mCRPC In Vivo CAR-T MM Program In Vivo CAR-T NHL Program In Vivo CAR-T Solid Tumors Program Expected Near-Term Value-Creating Milestones Clinical, regulatory and platform catalysts expected across prula-cel, ADI-212 and in vivo CAR-T programs 2026
Slide 34: September 2026 Investor Overview
September 2026 Investor Overview