Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — Q3 2024 Earnings Presentation
11 slides from Adaptive Biotechnologies's earnings presentation, Nov 7, 2024
Slide 1: Third Quarter 2024 Earnings Conference Call
Third Quarter 2024 Earnings Conference Call
Slide 2: Safe Harbor
Safe Harbor This presentation has been prepared by Adaptive Biotechnologies Corporation (“we,” “us,” “our,” “Adaptive” or the “Company”) and is made for informational purposes only. The information set forth herein does not purport to be complete or to contain all relevant information. Statements co
Slide 3: Q3 highlights: continued to fuel growth with stronger financial profile
Q3 highlights: continued to fuel growth with stronger financial profile Fueling growth Reducing spend Managing cash ◼ Q3 MRD revenue $37.5M ◼ Q3 Operating spend ◼ ~$267M in cash2 • +52% Y/Y ; +32% Y/Y excluding • -11% Y/Y • 38% reduction in YTD3 cash burn MRD milestone ◼ Gross Margin 64% (~$79M in ’
Slide 4: MRD clinical testing: strong performance with milestones fueling future growth
MRD clinical testing: strong performance with milestones fueling future growth Q3 clonoSEQ® clinical revenue growth of 39% Y/Y Key milestones and future drivers of growth ▪ Volume: clonoSEQ test volume +30% Y/Y; +6% Q/Q ▪ Blood based: 41% of clonoSEQ MRD test in blood ✓ Gapfill rate + ASP growth ini
Slide 5: MRD pharma: strong growth; continued positive momentum from ODAC
MRD pharma: strong growth; continued positive momentum from ODAC Q3 2024 revenue growth of 73% Y/Y, including recognition of $5.0M in regulatory milestone revenue ODAC vote on MRD as endpoint in MM: palpable impact on our pharma and clinical businesses BioPharma increasing MM investments ▪ 16 new st
Slide 6: Immune Medicine (IM) programs in cancer and autoimmunity
Immune Medicine (IM) programs in cancer and autoimmunity Program Overview Progress Cancer Cell Therapy TCR-based cell therapy products • Establishing personalized product profile with highest POS targeting tumor neoantigens and a focus on reducing cost and TAT (days vs. weeks) Autoimmunity Antibody
Slide 7: Q3 2024 financial highlights
Q3 2024 financial highlights Total Adaptive ($M) -- Revenue and Operating Expenses MRD Total Revenue Total Opex $88.91 Immune Medicine $46.4 +22% $79.11 $37.9 20.1 9.0 -32% 17.3 G&A 13.3 20.5 20.6 S&M +52% 37.5 28.5 24.2 R&D 24.7 19.3 16.7 COR Q3 2023 Q3 2024 Q3 2023 Q3 2024 Segment Reporting ($M) M
Slide 8: FY 2024 updated guidance
FY 2024 updated guidance Narrowed FY 2024 revenue guidance range: ▪ MRD revenue between $143M and $145M vs previous guidance of $140M-$145M Reduced FY 2024 operating expenses: ▪ OPEX between $335M and $340M 1 vs previous guidance of $340M-$350M1 Reduced FY 2024 annual cash burn: ▪ Cash burn of $105M
Slide 9: Appendix: Reconciliations between Adjusted EBITDA and net loss & Segment Information
Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information ◼ The following table sets forth a reconciliation between our Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation, the most directly
Slide 10: Appendix: Reconciliations between Adjusted EBITDA and net loss & Segment Information
Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information ◼ The following tables set forth our segment information for the three months ended September 30, 2024 and 2023 (in thousands): 10
Slide 11: Appendix: Reconciliations between Adjusted EBITDA and net loss & Segment Information
Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information ◼ The following tables set forth our segment information for the nine months ended September 30, 2024 and 2023 (in thousands): 11
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