Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — Q4 2025 Earnings Presentation
15 slides from Adaptive Biotechnologies's earnings presentation, Feb 5, 2026
Slide 1: Fourth Quarter and FY 2025 Earnings Conference Call
Fourth Quarter and FY 2025 Earnings Conference Call © Cop yrig ht Ada ptive Biotechnolog ies 202 6.
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: 2025: a year marked by execution and progress
2025: a year marked by execution and progress Financial results MRD IM Revenue performance: ▪ Revenue grew 46% Y/Y ▪ Scaled TCR-antigen data ▪ FY’25 $277M (+55% Y/Y) ▪ Expanded coverage for MCL ▪ Monetized data with 2 distinct ▪ MRD: $212M recurrence monitoring Pfizer data licensing deals ▪ IM: $65M
Slide 4: MRD: Performance and Outlook
MRD Performance and Outlook
Slide 5: Clinical testing revenue growth driven by strong volume and ASP increases
Clinical testing revenue growth driven by strong volume and ASP increases Clinical testing revenue growth Y/Y: 59% for Q4 2025; 64% for FY 2025 clonoSEQ test volumes clonoSEQ US test volume drivers Blood based 30,038 47% of MRD tests in blood in Q4’25 27,111 25,321 11% 23,117 Community 7% 20,945 10%
Slide 6: ASP increase driven by key contract wins and operational efficiencies
ASP increase driven by key contract wins and operational efficiencies Contracting (at new gapfill rate) Revenue cycle mgmt. and policy wins improvements ASP ▪ 8 major contract renegotiations ▪ Right-sized mkt access team ▪ 3 major new contracts closed ▪ Improved commercial 1 cash FY ‘24 FY ‘25 colle
Slide 7: MRD pharma: strong performance with momentum in MM, CLL and DLBCL
MRD pharma: strong performance with momentum in MM, CLL and DLBCL ▪ FY’25 revenue growth of 20% Y/Y (11% excluding milestones) Regulatory endorsement (FDA draft guidance) of MRD as a primary endpoint in MM for ➢ $19.5M in milestone revenue recognized in 2025 accelerated approvals ▪ Q4’25 revenue gro
Slide 8: 2026 MRD key goals
2026 MRD key goals ❑ clonoSEQ test volumes: >30% growth versus FY 2025 Increase testing in blood: >50% of clonoSEQ MRD testing done in blood Community presence: >35% of clonoSEQ testing coming from community setting EMR integrations: integrate ~40 additional accounts Data generation: MM (MASTER-2);
Slide 9: Immune Medicine (IM): Advancements and Outlook
Immune Medicine (IM) Advancements and Outlook
Slide 10: Scaling proprietary immune receptor data to better understand disease
Scaling proprietary immune receptor data to better understand disease TCR-antigen TCR-antigen Large scale TCR- data at scale AI model antigen binding data to computationally predict >5M paired TCRs to antigen Sufficient data to train T-cell specificity in (vs 40k publicly available) and build AI mod
Slide 11: IM 2025 achievements lead to 2026 strategic goals
IM 2025 achievements lead to 2026 strategic goals IM 2025 achievements 2026 areas of focus Scale TCR-antigen Closed 2 distinct data Investments and focus to extend TCR- data and AI prediction deals with Pfizer antigen training data for AI/ML prediction models model improvements Secure data partnersh
Slide 12: Q4 and FY 2025 financial highlights
Q4 and FY 2025 financial highlights All revenue and adj. EBITDA figures exclude revenue from GNE amortization (for all periods) Total Revenue (excluding GNE1) Total OPEX2 $81.32 $84.52 $71.7 +63% MRD +157% 18.1 19.6 G&A Immune 9.8 $44.0 medicine 21.6 24.5 S&M (excl. GNE) 3.8 61.9 +54% 23.2 21.8 R&D
Slide 13: FY 2026 guidance
FY 2026 guidance ◼ FY 2026 revenue guidance: ❑ MRD revenue between $255M and $265M → +22% Y/Y1 ; +30% Y/Y1 excl. milestones ➢ MRD milestones between $8M and $9M ◼ FY 2026 operating expenses guidance: ❑ OPEX between $350M and $360M → +6% Y/Y2 Achieve positive adjusted EBITDA and positive FCF for whol
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 c
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
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