Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — Q2 2024 Earnings Presentation
11 slides from Adaptive Biotechnologies's earnings presentation, Aug 1, 2024
Slide 1: Second Quarter 2024 Earnings Conference Call
Second Quarter 2024 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 – fueling growth with strengthened financial profile
Q2 Highlights – fueling growth with strengthened financial profile Fueling growth Reducing spend Managing cash ◼ Q2 MRD revenue $35.3M ◼ Q2 Opex (excl. one-time1) ◼ Targeted investments • +36% Y/Y ; +8% Q/Q • -15% Y/Y ; -8% Q/Q with high upside value • ◼ ~$292M in cash2 Excluding milestones • Reduct
Slide 4: MRD clinical testing continues to deliver on all metrics
MRD clinical testing continues to deliver on all metrics Q2 clonoSEQ clinical revenue growth of 43% Y/Y Key growth metrics trajectory ▪ clonoSEQ test volume +36% Y/Y; +9% Q/Q % clonoSEQ MRD tests in % clonoSEQ tests in ▪ clonoSEQ US ASPs +3% Q/Q blood NHL clonoSEQ test volumes +9% 11% 37% 40% +9% 18
Slide 5: MRD pharma growing with ODAC as a future growth accelerator
MRD pharma growing with ODAC as a future growth accelerator Q2 2024 revenue growth of 28% Y/Y ▪ Recognized a $3.0M milestone Impact on our pharma business post Oncologic Drug Advisory Committee (ODAC) vote Potential Business Impact Changes since ODAC meeting ▪ Increased demand for MRD in MM studies
Slide 6: Immune Medicine (IM) programs in cancer and autoimmunity
Immune Medicine (IM) programs in cancer and autoimmunity Program Program description Progress to date TCR-based cell therapy products Establishing personalized product profile with Cancer Cell Therapy targeting tumor neoantigens highest POS ◉ Develop antibodies that target and Completed ‘Wave 1’ mou
Slide 7: Q2 2024 financial highlights
Q2 2024 financial highlights Total Adaptive ($M) Segment Reporting Total Revenue Total Opex2 Unallocated $48.9 $96.71 ($M) MRD IM -12% Corporate $43.2 $83.3 1, 2 Q1’24 Q2’24 Q1’24 Q2’24 Q1’24 Q2’24 7.9 -66% 22.3 23.0 G&A 17.9 Revenue 32.6 35.3 9.2 7.9 N/A 23.9 20.3 S&M Opex2 59.9 55.5 23.8 21.7 6.9
Slide 8: FY 2024 revised guidance
FY 2024 revised guidance FY 2024 revenue guidance: ▪ MRD revenue between $140M-$145M vs previous guidance of $135M-$140M FY 2024 operating expenses: ▪ FY OPEX between $340M-$350M1 vs previous guidance of $350M-$360M1 2H 2024 cash burn ~$60M ▪ Implied FY 2024 cash burn of $115M 1 vs previous estimate
Slide 9: Appendix: Reconciliations between Adjusted EBITDA and net loss & Segment Information
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 10: Appendix: Reconciliations between Adjusted EBITDA and net loss & Segment Information
Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information ◼ The following tables set forth our segment information for the three months ended June 30, 2024 and 2023 (in thousands): 10
Slide 11: Appendix: Reconciliations between Adjusted EBITDA and net loss & Segment Information
Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information ◼ The following tables set forth our segment information for the six months ended June 30, 2024 and 2023 (in thousands): 11
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