Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — Q4 2022 Earnings Presentation
16 slides from Adaptive Biotechnologies's earnings presentation, 2023
Slide 1: Fourth Quarter and FY 2022 Earnings Conference Call
Fourth Quarter and FY 2022 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: Significant progress and key achievements in 2022
Significant progress and key achievements in 2022 ◼ Strong revenue growth: ◼ Restructured into 2 business areas: MRD and IM ❑ Q4’22 $55.2M (+46% y/y) ◼ Updated long-range plan with path to profitability (positive adj. EBITDA ‘25; cash flow ❑ FY’22 $185.3M (+20%y/y) Financial Corporate breakeven ‘26)
Slide 4: Our MRD business is firing on all cylinders
Our MRD business is firing on all cylinders Clinical testing Q4 performance MRD Pharma ◼ Q4’22 clinical rev growth of +65% vs P/Y; +21% vs P/Q ◼ Q4’22 pharma rev growth (excluding milestones) of +52% vs P/Y; +41% vs P/Q ◼ Q4’22 test delivered volume +54% vs P/Y; +9% vs P/Q ❑ 435 ordering accounts in
Slide 5: Expanding clonoSEQ utilization in lymphoid cancer patients
Expanding clonoSEQ utilization in lymphoid cancer patients Three-pronged strategy to increase penetration while enhancing customer experience (EPIC integration), expanding coverage and increasing ASP Increase testing in blood Expand into NHL (DLBCL) Increase usage /patient ◼ 31% in blood as of Q4’22
Slide 6: Significant clonoSEQ abstracts at ASH 2022
Significant clonoSEQ abstracts at ASH 2022 ABSTRACT ABSTRACT Data Highlighting benefits of clonoSEQ ABSTRACTS 36 ACCEPTED 90% of standard risk MM patients with therapy discontinuation based on clonoSEQ MRD negative ORAL tests did not progress after 2 yrs. – MASTER trial1 12 PRESENTATIONS MM patients
Slide 7: Immune Medicine Business
Immune Medicine Business Immune Medicine Platform Growth Areas Multiple shots on goal to create value, grow and monetize our immune receptor data Immune across clinical applications T cells receptors Sequence Map Pharma Services Drug Discovery Pair B cells Characterize Target Discovery Immune recept
Slide 8: Drug Discovery combines novel target discovery and therapeutic assets
Drug Discovery combines novel target discovery and therapeutic assets TCR Therapeutics Develop differentiated Unique ability to discover TCR and antibody therapeutic and validate novel disease Target Autoimmune products against validated, specific drug targets Cancer Discovery ID novel targets Antib
Slide 9: We are making good progress with GNE on two cell therapy programs
We are making good progress with GNE on two cell therapy programs TCRs targeting ✓ 1 TCR candidate selected to progress as a potential therapeutic product candidate • st shared cancer ✓ Delivered 2 additional TCR data packages for Genentech consideration • neoantigens ▪ We are focused on supporting
Slide 10: Immune receptor data fuels our pipeline in cancer and autoimmune disease
Immune receptor data fuels our pipeline in cancer and autoimmune disease Drug Discovery efforts to meet the High unmet clinical need… need ▪ Cell therapy in heme is effective Shared TCR ▪ Cell therapy in solid Cell Therapy Private tumors is the next frontier Cancer Novel Targets IBD, MS ▪ Efforts un
Slide 11: Q4 and FY 2022 financial highlights
Q4 and FY 2022 financial highlights Total Revenue ($M) MRD Revenue ($M) + + $185.3 +20% $154.3 [Clinical testing + pharma sequencing] 98.2 +11% $55.2 +46% 88.1 1 $37.9 27.1 Immune Medicine Revenue ($M) +27% + 21.4 + 87.1 +32% 28.1 +70% 66.2 16.6 Q4 2021 Q4 2022 FY 2021 FY 2022 1 MRD Immune Medicine
Slide 12: Q4 and FY 2022 financial highlights cont.
Q4 and FY 2022 financial highlights cont. Operating expenses ($M) +6% $385 $363 -5% 1.7 1.7 $100 89 75 Amort. of Intg. $94 0.4 0.4 G&A 23 95 96 22 S&M 27 24 R&D 142 142 COR 35 31 14 17 49 58 Q4 2021 Q4 2022 FY 2021 FY 2022 ◼ $498M in cash, equivalents and marketable securities as of 12/31/2022 12 Al
Slide 13: FY 2023 guidance
FY 2023 guidance ◼ Revenue: 2023 full year revenue range $205M - $215M ❑ MRD and Immune Medicine revenue represents ~55% / 45% of total revenue at mid -point ❑ >50% clonoSEQ test volume growth vs FY 2022 ❑ Expect 2H to contribute ~60% of total revenue and Q1 expected to be the lowest quarter ◼ FY 20
Slide 14: Key milestones for 2023
Key milestones for 2023 MRD Immune Medicine ◼ Increase penetration in community setting ◼ GNE collaboration ◼ Complete EMR (EPIC) integration ❑ Speed to the clinic with lead shared product candidate ◼ Growth impact from DLBCL in 2H ❑ Complete private product prototype; transition ◼ Filing with FDA f
Slide 15: Thank You.
Thank You.
Slide 16: Reconciliation between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation
Reconciliation between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net loss attributable to Adaptive Biotechnologies Corporation $ (40,128) $ (61,433) $ (200,191) $ (207,279) Interest an
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