Slide 1: Second Quarter 2025 Earnings Conference Call
Second 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: Q2 highlights – strong execution exceeding expectations
Q2 highlights – strong execution exceeding expectations Fueling growth and achieving catalysts Managing spend and cash ▪ MRD reached positive adjusted EBITDA ▪ Total operating expenses -7% Y/Y ▪ MRD revenue $49.9M; +42% Y/Y ▪ Total gross margin (GM) 69% ▪ Excluding milestones +38% Y/Y ▪ Sequencing G
Slide 4: MRD
MRD
Slide 5: Clinical testing: volume continues to grow at record high levels
Clinical testing: volume continues to grow at record high levels Clinical testing revenue increased 57% in Q2 2025 Y/Y clonoSEQ US volume metrics: clonoSEQ test volumes 25,321 44% of MRD tests in blood in Q2’25 23,117 20,945 19,600 10% 16% Q/Q growth in tests delivered in the community 18,520 10% 17
Slide 6: EMR integrations: accelerating EPIC footprint + key community milestone
EMR integrations: accelerating EPIC footprint + key community milestone # EMR integrated clonoSEQ sites to date ▪ 13 new EPIC sites integrated since last quarter ▪ Mature EPIC integrated sites growing on average 154 ~2x non-integrated business ▪ 4 of top 10 accounts now EPIC integrated ▪ Tennessee
Slide 7: MRD pharma: building on momentum with solid execution
MRD pharma: building on momentum with solid execution ▪ Q2’25 revenue growth of 20% Y/Y including milestones (excluding milestones: +3% Y/Y and +13% TTM1) ▪ Recognized $5.5M in milestone revenue in Q2’25 ▪ EMA’s CHMP issued positive opinion supporting the use of MRD testing as an early endpoint in M
Slide 8: Data highlight MRD utility across lymphoid malignancies
Data highlight MRD utility across lymphoid malignancies Expansion of the interventional use of clonoSEQ MRD status guiding transplant decisions in myeloma Presence at MM ASCO – EHA – ICML* Phase 3 study demonstrates that MRD-negative patients post-induction can (MIDAS)1 safely forego upfront transpl
Slide 9: 2025 MRD key strategic priorities and goals execution
2025 MRD key strategic priorities and goals execution Annual Goal Status as of Q2 MRD profitability: positive adjusted EBITDA in 2H’25 Achieved NovaSEQ X Plus: go live in 2H’25 Achieved Data generation1: readouts MM (MIDAS); CLL (VenetoSTOP); DLBCL (at ICML2) Achieved Neo collaboration: phase 1 laun
Slide 10: Immune Medicine (IM)
biotechnologies Immune Medicine (IM)
Slide 11: 2025 IM strategic priorities and goals all on track
2025 IM strategic priorities and goals all on track 1 Develop ‘digital’ TCR-antigen prediction models that power multiple applications ✓ Scaling data generation and AI/ML modeling work to ‘digitally’ predict T cell specificity / antigen binding ✓ Using our sizable, high quality training data to test
Slide 12: Q2 2025 financial highlights
Q2 2025 financial highlights Q2 Revenue and Operating Expenses ($M) Total Revenue Total OPEX2 MRD +36% $83.31,2 $83.91 Immune Medicine $58.9 17.9 +1% 17.8 G&A $43.2 8.9 +13% 20.3 23.6 S&M 7.9 49.9 +42% 25.4 24.1 R&D 35.3 19.3 18.0 COR Q2 2024 Q2 2025 Q2 2024 Q2 2025 Segment Performance ($M) ($M) MRD
Slide 13: FY 2025 guidance update
FY 2025 guidance update ◼ FY 2025 revenue guidance: ❑ MRD revenue between $190M and $200M vs previous guidance between $180M and $190M ❑ MRD revenue guide represents 31% - 37% growth Y/Y ❑ Includes MRD milestones between $14M-$15M ❑ MRD base business revenue guide (excluding milestones 1) represents
Slide 14: 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
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 segment information for each of the periods presented (in thousands): 15 © Copyright Adaptive Biotechnologies 2025. Confidential.