Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — Q1 2024 Earnings Presentation
12 slides from Adaptive Biotechnologies's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Earnings Conference Call
First 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: Adaptive moving forward
Adaptive moving forward One Adaptive Two business segments MRD Immune Medicine ▪ Sustained revenue growth ▪ Narrowed focus on key cancer and autoimmunity programs ▪ Reach profitability targets ▪ Targeted spend, go/no go decisions ✓ ~$309M in cash, cash equivalents & marketable securities as of 3/31/
Slide 4: Q1 2024 MRD revenue grew 52% Y/Y driven by both clinical and pharma
Q1 2024 MRD revenue grew 52% Y/Y driven by both clinical and pharma Continued growth in clinical test volume Growth in all metrics ▪ Q1’24 clonoSEQ test volume +41% Y/Y; +9% Q/Q % clonoSEQ MRD tests in % contribution from ▪ MolDx published preliminary Medicare gapfill rate at blood community $1,823/
Slide 5: MRD pharma off to a great start with upside potential from ODAC meeting
MRD pharma off to a great start with upside potential from ODAC meeting Q1’24 revenue growth of 71% Y/Y (17% excluding milestones) ▪ Recognized $4.5M in milestones from two drug approvals Oncologic Drug Advisory Committee (ODAC) vote on MRD as endpoint in MM could represent upside: ▪ Discussions wit
Slide 6: IM therapeutics pipeline is focused on cancer and autoimmunity
IM therapeutics pipeline is focused on cancer and autoimmunity Program Description 2024 Goals ▪ TCR-based cell therapy products ▪ Test regulated workflows Cancer Cell Therapy targeting tumor neoantigens ▪ Define process enhancements aiming to reduce cost and time ▪ Develop antibodies that target and
Slide 7: Q1 2024 financial highlights
Q1 2024 financial highlights Total Adaptive ($M) Segment Reporting Total Revenue Total Opex MRD IM Unallocated Total Corporate $94.81 Q1’24 Q1’24 Q1’24 Q1’24 $41.9 $90.61 ($M) Y/Y Y/Y Y/Y Y/Y +11% Revenue 32.6 52% 9.2 -43% N/A N/A 41.9 11% $37.6 20.8 19.6 G&A Opex 59.9 7% 23.8 -25% 6.9 -3% 90.6 -4%
Slide 8: FY 2024 guidance
FY 2024 guidance FY 2024 revenue guidance: ▪ MRD revenue between $135M-$140M vs previous guidance of $130M-$140M FY 2024 operating expenses: ▪ FY OPEX between $350M-$360M1 vs previous guidance of $360M-$370M1 Quarterly average cash burn for remaining quarters ~$30M 1 ▪ Implied FY 2024 cash burn of $
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 March 31, 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 remaining quarterly periods in the prior year (in thousands): 11
Slide 12: 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 12
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