Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — Q3 2025 Earnings Presentation
13 slides from Adaptive Biotechnologies's earnings presentation, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
Third Quarter 2025 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 – results firing on all cylinders
Q3 highlights – results firing on all cylinders Sustained growth momentum Strengthened financial profile ▪ MRD adjusted EBITDA: $7M ($0.5M excl. ▪ Company sequencing GM1 66%; +10 ppts Y/Y milestones) ▪ OPEX stable sequentially ▪ MRD cash flow positive ▪ Strong cash2 position: ~$217M ▪ MRD revenue $5
Slide 4: MRD
MRD
Slide 5: Clinical testing: continuing strong growth trajectory
Clinical testing: continuing strong growth trajectory Clinical testing revenue increased 83% Y/Y; 18% Q/Q clonoSEQ US metrics: ▪ clonoSEQ test volume +38% Y/Y; +7% Q/Q ▪ clonoSEQ US ASPs +28% Y/Y; +4% Q/Q ~45% of MRD tests in blood in Q3’25 clonoSEQ test volumes 27,111 ~30% community tests delivered
Slide 6: EMR integrations: accelerating adoption in academic and community
EMR integrations: accelerating adoption in academic and community # EMR integrated clonoSEQ sites to date EMR integration goals and progress ✓ Serve more patients/drive growth 165 ✓ Build a scalable moat (account protection) ✓ Embed clonoSEQ into SOC tools ▪ 11 new sites integrated since last quarte
Slide 7: MRD pharma: portfolio strengthening
MRD pharma: portfolio strengthening ▪ Q3’25 revenue growth of 11% Y/Y including milestones (excluding milestones: +3% Y/Y) ▪ Recognized $6.5M in milestone revenue in Q3’25 ▪ Healthy backlog of >$200M with strong pipeline ▪ Portfolio overview and strategy ~175 global active clinical trials ▪ >60% of
Slide 8: Immune Medicine (IM)
biotechnologies Immune Medicine (IM)
Slide 9: IM: executing towards 2025 key strategic priorities
IM: executing towards 2025 key strategic priorities GOALS PROGRESS 1 Develop digital TCR-antigen AI predictions ▪ Building TCR-antigen binding training data at scale ▪ Scale data generation and AI/ML modeling ▪ Using training data to advance prediction models that inform multiple immunology applicat
Slide 10: Q3 2025 financial highlights
Q3 2025 financial highlights Due to GNE termination, all revenue and adj. EBITDA figures exclude revenue from GNE amortization (for all periods) Q3 Revenue and Operating Expenses ($M) MRD Total Revenue (exc. GNE)1 Total OPEX Immune Medicine $60.2 +40% $79.12 +6% $83.72 (excl. GNE) 3.4 $42.9 -37% 17.
Slide 11: FY 2025 guidance update
FY 2025 guidance update ◼ FY 2025 revenue guidance: ❑ MRD revenue between $202M and $207M vs previous guidance between $190M and $200M o MRD revenue guide represents 39% - 42% growth Y/Y o Includes MRD milestones of $18M to $19M o MRD base business revenue guide (excluding milestones 1) represents 3
Slide 12: Appendix: Reconciliations between Adjusted EBITDA and net income (loss)
Appendix: Reconciliations between Adjusted EBITDA and net income (loss) attributable to Adaptive Biotechnologies Corporation & Segment Information ▪ The following table sets forth a reconciliation between our Adjusted EBITDA and net income (loss) attributable to Adaptive Biotechnologies Corporation,
Slide 13: Appendix: Reconciliations between Adjusted EBITDA and net income (loss)
Appendix: Reconciliations between Adjusted EBITDA and net income (loss) attributable to Adaptive Biotechnologies Corporation & Segment Information ▪ The following table sets forth segment information for each of the periods presented (in thousands): 13 © Copyright Adaptive Biotechnologies 2025. Conf
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