Adaptive Biotechnologies Corporation · NASDAQ:ADPT

Adaptive Biotechnologies — Q4 2024 Earnings Presentation

17 slides from Adaptive Biotechnologies's earnings presentation, Feb 11, 2025

  1. Slide 1: Fourth Quarter and FY 2024 Earnings Conference Call

    Fourth Quarter and FY 2024 Earnings Conference Call

  2. 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

  3. Slide 3: 2024: a year of key wins for MRD and significant advancements in IM

    2024: a year of key wins for MRD and significant advancements in IM  Revenue grew 42% Y/Y  Narrowed focus on key programs led to OPEX reduction of 25%3 Y/Y  17%1 increase in Medicare price per test  ODAC vote: Key MRD pharma catalyst  Selected autoimmune Tx modality: Financial Immune MRD “antib

  4. Slide 4: MRD Performance and Outlook

    MRD Performance and Outlook

  5. Slide 5: Clinical testing: revenue growth fueled by volume & ASP

    Clinical testing: revenue growth fueled by volume & ASP Clinical testing revenue increased 38% for Q4 2024 and 40% for full year 2024, Y/Y clonoSEQ test volumes 35% FY’24 test volume growth vs 2023 20,945 19,600 18,520 17,040 7% 6% 15,072 15,680 9% 13,665 9% 41% of MRD tests in blood in Q4’24 4% 12,

  6. Slide 6: ASP increase driven by growth initiatives and new gapfill rate

    ASP increase driven by growth initiatives and new gapfill rate Key ASP growth initiatives in place ~$1,300 Reduce out-of-policy claims  • Reduced orders from non-covered Medicare $1,117 indications from 17% to 7% during the year +16% $1,047 Reduce non-contracted claims +7%  • Expanded agreements w

  7. Slide 7: MRD pharma: strong revenue performance with momentum from ODAC vote

    MRD pharma: strong revenue performance with momentum from ODAC vote  FY’24 revenue growth of 44% Y/Y (14% excluding ODAC vote … key catalyst for MRD milestones)  Recognized $12.5M in milestone revenue in 2024 New MM studies closed in ‘24 20 • 15 closed post ODAC vote  Q4’24 revenue growth of 19%

  8. Slide 8: 2025 key strategic priorities

    2025 key strategic priorities Key Priorities Strategies Clinical testing Pharma Topline Increase Primary Blood EMR Collabs ASP Growth Studies endpoints Ongoing evidence generation/studies Cost of Revenue OPEX leverage Bottom Line Margins Lab Maintain NovaSeq X efficiencies opex level MRD profitabili

  9. Slide 9: Immune Medicine (IM) Advancements and Outlook

    Immune Medicine (IM) Advancements and Outlook

  10. Slide 10: Advancing transformative therapies in autoimmunity and cancer

    Advancing transformative therapies in autoimmunity and cancer Leaders in TCR In Cancer antigen mapping Discovering TCR-based HLA class I TCRs to cell therapy Antigen cancer antigens >2M TCR Full TCR functionally matched to an HLA In Autoimmunity presented antigen Identifying TCR-blocking HLA class I

  11. Slide 11: 2024 IM programs advancements

    2024 IM programs advancements Program Overview Progress Cancer Cell Therapy TCR-based cell therapy products • Establishing product profile with highest POS and a focus on targeting cancer antigens reducing cost and TAT (days vs. weeks) Autoimmunity Antibody Dev Develop antibodies that target • Succe

  12. Slide 12: IM 2025 strategic priorities and growth strategy

    IM 2025 strategic priorities and growth strategy  Support GNE’s development of cancer cell therapy products Generate robust pre-clinical data package in lead autoimmune  indication that warrants investment in future IND enabling studies Reduce cash burn: achieve progress in cancer and autoimmunity

  13. Slide 13: Q4 and FY 2024 financial highlights

    Q4 and FY 2024 financial highlights Q4 Revenue and Operating Expenses ($M) Total Revenue Total OPEX2 MRD $91.41,2 Immune Medicine $45.8 $47.5 +4% $81.31 7.3 -51% 20.7 18.1 G&A 15.0 21.9 21.6 S&M +31% 40.1 28.7 30.8 23.2 R&D 19.6 18.0 COR Q4 2023 Q4 2024 Q4 2023 Q4 2024 Segment Performance ($M) ($M)

  14. Slide 14: FY 2025 guidance

    FY 2025 guidance  FY 2025 revenue guidance:  MRD revenue between $175M and $185M  FY 2025 operating expenses guidance:  OPEX between $340M and $350M  FY 2025 cash1 burn guidance:  Cash1 burn between $60M and $70M 1 Cash includes cash, cash equivalents and marketable securities 14

  15. Slide 15: Appendix: Reconciliations between Adjusted EBITDA and net loss

    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

  16. Slide 16: Appendix: Reconciliations between Adjusted EBITDA and net loss

    Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information  The following tables set forth segment information for the three months ended December 31, 2024 and 2023 (in thousands): 16

  17. Slide 17: Appendix: Reconciliations between Adjusted EBITDA and net loss

    Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information  The following tables set forth segment information for the year ended December 31, 2024 and 2023 (in thousands): 17

Adaptive Biotechnologies — Q4 2024 Earnings Presentation on 6ix