Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — Q1 2025 Earnings Presentation
13 slides from Adaptive Biotechnologies's earnings presentation, May 1, 2025
Slide 1: First Quarter 2025 Earnings Conference Call
First 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: Q1 highlights – strong execution across top- and bottom-line results
Q1 highlights – strong execution across top- and bottom-line results Fueling growth Managing spend & cash MRD revenue $43.7M; +34% Y/Y Total operating expenses -9% Y/Y • Excluding milestones +39% Y/Y GM1 68% ; sequencing GM2 62% (+17 ppts Y/Y) clonoSEQ expanded coverage for MCL recurrence
Slide 4: MRD
MRD
Slide 5: Clinical testing: volume growth and positive metric trends continue
Clinical testing: volume growth and positive metric trends continue Clinical testing revenue increased 55% in Q1 2025 Y/Y clonoSEQ test volumes 44% of MRD tests in blood in Q1’25 23,117 20,945 19,600 10% 18,520 17,040 7% 12% Q1’25 contribution from NHL (DLBCL, MCL) 6% 15,680 9% 9% 3,436 Ordering HCP
Slide 6: MRD pharma: strong performance continues
MRD pharma: strong performance continues Q1’25 revenue growth of 7% Y/Y (11% excluding milestones) -- recognized $4.5M in milestone revenue Current pharma portfolio: MM highest contributor; strong momentum post ODAC recommendation continues Other ALL 3% ~175 active studies across ~50 biopharma
Slide 7: 2025 MRD key strategic priorities and goals on track
2025 MRD key strategic priorities and goals on track Increase testing in blood: on track for >45% of all clonoSEQ testing to be done in blood EMR integrations: on track for Flatiron integration in 2H’25 and ~50% of clonoSEQ orders by YE from EMR-integrated sites NEO collaboration: on track for
Slide 8: Immune Medicine (IM)
biotechnologies Immune Medicine (IM)
Slide 9: 2025 IM strategic priorities and goals on track
2025 IM strategic priorities and goals on track 1 Support Genentech’s development of cancer cell therapy products Scaling TCR-antigen binding data generation and AI/ML modeling work to ‘digitally’ predict the best TCRs to include in a cancer cell therapy product (reducing time and cost) 2 Generate
Slide 10: Q1 2025 financial highlights
Q1 2025 financial highlights Q1 Revenue and Operating Expenses ($M) Total Revenue Total OPEX MRD $90.61 -9% Immune Medicine $52.4 +25% $82.01 19.6 $41.9 8.7 -6% 17.4 G&A 22.3 9.2 23.0 S&M 43.7 +34% 30.2 24.2 R&D 32.6 18.1 17.0 COR Q1 2024 Q1 2025 Q1 2024 Q1 2025 Segment Performance ($M) ($M) MRD IM
Slide 11: FY 2025 guidance
FY 2025 guidance FY 2025 revenue guidance: MRD revenue between $180M and $190M vs previous guidance between $175M and $185M FY 2025 operating expenses guidance: OPEX between $335M and $345M vs previous guidance between $340M and $350M FY 2025 cash1 burn guidance: Cash1 burn between $50M
Slide 12: 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 13: 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 tables set forth segment information for the three months ended March 31, 2025 and 2024 (in thousands): 13
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