Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — J.P. Morgan Healthcare Conference 2025
23 slides from Adaptive Biotechnologies's conference presentation, Jan 14, 2025
Slide 1: J.P. Morgan Healthcare Conference 2025
J.P. Morgan Healthcare Conference 2025 January 14th, 2025 © Copyright Adaptive Biotechnologies 2025.
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: Developing clinical products based on immune receptor data discoveries
Developing clinical products based on immune receptor data discoveries Two distinct business units derived from one platform MRD in Heme: Immune Medicine: Diagnostic Business Drug Discovery Business 625+ ~$177M employees LTM Revenue1 Gold standard Leaders in MRD test in TCR and antigen blood cancers
Slide 4: Reducing annual cash burn across company
Reducing annual cash burn across company Semiannual cash burn trend (in millions) >30% Cash burn reduction in 2024 $120 $152M $78 $81 $71 $55 Cash burn in 2023 ~$50 $105M 1H 2022 2H 20221 1H 2023 2H 2023 1H 2024 2H 20242 Cash burn in 20242 1 2H 2022 cash burn excludes $125M in financing received fro
Slide 5: MRD: A commercial stage diagnostics business
MRD A commercial stage diagnostics business 5
Slide 6: Detects 1 in a million cancer cells
Detects 1 in a million cancer cells that can remain in a patient’s body during and after therapy Predict Identify Long-term outcomes Inform Changes in therapy Patient’s dominant trackable sequences Detect Potential relapse early Assess Response to treatment Monitor Disease burden over time, even in
Slide 7: Driving adoption and changing the treatment paradigm
Driving adoption and changing the treatment paradigm Clinical Testing Biopharma Trials ~$86M >300M 40%+ ~$58M ~170 2024 Revenue1 Covered lives 2024 Revenue1 Active studies revenue growth2 ~70K ~65 >$400M $43M Patients tested Sales Reps Eligible milestones Milestones to date3 1 Based on MRD 2024 reve
Slide 8: Leaders in clinical testing with highest sensitivity
Leaders in clinical testing with highest sensitivity ~46% 2020-2024 test delivered CAGR Tests Delivered (‘000) ~40% ~751 Of heme-oncs in US have ordered 56.5 ~2.5 36.9 22.5 16.8 Average test frequency per year US penetration2 2020 2021 2022 2023 2024 E 25% 10% 5% 3% 6% ALL MM CLL DLBCL MCL 1 Based o
Slide 9: Tests of choice in heme biopharma trials
Tests of choice in heme biopharma trials ~12% 2020-20242 BioPharma revenue CAGR Cumulative studies using clonoSEQ as an endpoint1 109 >45 BioPharma companies using 90 clonoSEQ in clinical trials 69 52 86 34 Active studies using clonoSEQ as a primary or secondary endpoint3 # trials with MRD as an end
Slide 10: Sustained areas of focus to drive growth with improved margins
Sustained areas of focus to drive growth with improved margins Key Priorities Strategies Clinical testing Pharma Topline Increase Primary Growth Blood EMR Collabs ASP Studies endpoints Ongoing evidence generation/studies Cost of Revenue OPEX leverage Bottom Line Margins Lab NovaSeq X Maintain effici
Slide 11: Clinical testing volume growth drivers
Clinical testing volume growth drivers Increasing testing in blood EMR integrations Integrated into Academic Institutions 31% 41% 45%+ Integrated into Community 2022 2024E 2025E % of US orders from EMR integrated sites (exit rate) Growing the community Data in blood 20% 50% 2024 E 2025 E Increase te
Slide 12: Mounting data demonstrating role of MRD testing using clonoSEQ
Mounting data demonstrating role of MRD testing using clonoSEQ MRD actionability leveraging clonoSEQ’s high sensitivity 66th ASH Auto HCT (transplantation) may not provide additional benefit MCL for patients in first CR who have achieved uMRD at 10⁻⁶ Annual Meeting ECOG-ACRIN EA4151 trial December 7
Slide 13: Data generation efforts to increase clinical utility
Data generation efforts to increase clinical utility MM ALL CLL DLBCL MCL 30 12 16 9 14 Active IST studies 2025 MIDAS ENDRAD VenetoSTOP CCT5065 Longer SWOG 1803 CAR-CURE BOVen ∆400 ViPOR-P CCT5065 COMMANDER MIRACLE term MASTER 2 ADVANCE IST = Investigator sponsored trials 13
Slide 14: Strategic commercial partnership with NeoGenomics
Strategic commercial partnership with NeoGenomics Enable more providers and patients to benefit from the meaningful insights that clonoSEQ MRD results can provide Sales teams will cross-promote products clonoSEQ ID test included in COMPASS test offering clonoSEQ MRD test included in CHART test offer
Slide 15: clonoSEQ testing ASP growing
clonoSEQ testing New gapfill rate: $1,7172 $2,007 ASP growing Commercial wins at new rate Payer shift: Medicare & Commercial Medicaid +24% ~$1,300 Revenue cycle management ~$1,120 Prior authorization3 evolution ~$1,050 46% 2023 69% 2024 Commercial claims billed under PLA3 2023 2024 E1 2025 E 40% 202
Slide 16: ODAC vote … key catalyst for MRD
ODAC vote … key catalyst for MRD PARADIGM SHIFT Laid the roadmap for how Yes 12 to establish MRD as an No 0 endpoint in heme cancers Abstain 0 4/12/2024 Non-vote member 0 Newly Diagnosed Transplant Eligible patients 10-5 Halo effect Clinical Biopharma testing trials Source: ODAC meeting; I2TEAMM pre
Slide 17: Key drivers of margin expansion
Key drivers of margin expansion Production lab efficiencies NovaSeq X (live 2H’25) Workflow improvements Reduced cost/test 33 NextSeq today 2 NovaSeq X future MRD sequencing gross margin >10x more samples per flow cell 54% ~56% 43% 48% Q1’24 Q2’24 Q3’24 Q4’24 E1 5-10 ppts GM increase over time from
Slide 18: On track to reach profitability targets
On track to reach profitability targets Adj. EBITDA positive Topline 2H 2025 Growth Clinical Biopharma testing trials Bottom Line Cash flow Margins Cost of revenue OPEX leverage break-even 1H 2026 18
Slide 19: Immune Medicine (IM)
Immune Medicine (IM) An immune-driven drug discovery business 19
Slide 20: Advancing transformative therapies in autoimmunity and cancer
Advancing transformative therapies in autoimmunity and cancer Leaders in TCR In Cancer antigen mapping Generating library Personalized HLA class I of TCRs that cell therapy Antigen bind to known >2M TCR antigens Full TCR functionally matched to an HLA In Autoimmunity presented antigen Identifying TC
Slide 21: Progress in Autoimmunity – moving on with lead indication
Progress in Autoimmunity – moving on with lead indication What have we found? Status What is next? Autoreactive T cells attack healthy cells, which causes autoimmune diseases Completed antibody Develop antibody Healthy Autoreactive mouse immunization candidate(s) in lead cell T cell campaigns indica
Slide 22: MRD and IM well positioned for success
MRD and IM well positioned for success MRD IM Drive clinical and pharma growth Advance development work with GNE personalized cancer cell therapy Improve margins Advance pre-clinical data autoimmune Executing on the strategy Advancing novel discovery Reach profitability 2H 2025 Targeted 2025 IM cash
Slide 23: Thank You.
Thank You. © Copyright Adaptive Biotechnologies 2025
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