What caused ACET's Q2 2024 earnings to miss forecasts?

Adicet Bio's (ACET) Q2 2024 earnings fell short of forecasts due to **lack of revenue**. The company reported a total revenue of $0 for the quarter, which was a result of being a clinical-stage biotech company with no approved products yet in the market. The company's focus is on research and development (R&D) for its innovative therapies, and as such, it did not generate any revenue during this period. Despite the lack of revenue, Adicet Bio maintained a strong financial position with $224.1 million in cash as of the end of Q2 2024.