Adaptive Biotechnologies Corporation · NASDAQ:ADPT
Adaptive Biotechnologies — J.P. Morgan Healthcare Conference 2026
24 slides from Adaptive Biotechnologies's conference presentation, Jan 12, 2026
Slide 1: J.P. Morgan Healthcare Conference 2026
J.P. Morgan Healthcare Conference 2026 January 12th, 2026 © Copyright Adaptive Biotechnologies 2026.
Slide 2: Legal Disclaimers
Legal Disclaimers 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. Stateme
Slide 3: Driving immune receptor-based products
Driving immune receptor - based products ~$277M Our Source Our Platform Our Business Units Revenue1 ~$227M Cash2 MRD in Heme: Diagnostics B Cells 620+ GENETICS DATA Employees 430+ Immune Medicine: Patents issued T Cells Data 1 Full year revenue as of Decembe r 31, 2025 (preliminary, unaudited financ
Slide 4: MRD: A commercial stage diagnostics business
MRD A commercial stage diagnostics business
Slide 5: MRD heme TAM ~$5.5 billion … expanding to ~$6.2 billion
MRD heme TAM ~$5.5 billion … expanding to ~$6.2 billion ~$6.2B ~$5.5B 400K patients U.S. 3.5x tests/patient U.S. 2.5x tests/patient ~2.5B ~1.8B $1,750/test Clinical RoW RoW ~1.8B ~1.8B Key OUS Key OUS ~1.1B ~1.1B Biopharma ~$0.9B ~$0.9B Current TAM Expanded Future TAM TAM calculated for AL L, MM, CL
Slide 6: clonoSEQ leverages the biology of B cells and T cells to count cancerous cells
clonoSEQ leverages the biology of B cells and T cells to count cancerous cells DNA sequences Healthy Malignant DNA sequences of VDJ region B or T cells B or T cells of VDJ region Unique dominant cancerous sequence(s) in each patient clonoSEQ identifies and quantifies specific cancer-associated seque
Slide 7: clonoSEQ moats … strengthening gold standard position
clonoSEQ MOATS … strengthening gold standard position Deep FDA sensitivity cleared Broad Clinical Biopharma Clinical coverage testing trials evidence EMR Intellectual integrated property 10-6 173 MM, ALL, CLL 250+ 300M Deepest sensitivity EMR-integrated accounts FDA cleared publications Covered live
Slide 8: Key MRD financial highlights
Key MRD financial highlights MRD revenue ($M) ~$212 Profitable business 15% $146 CAGR Double-digit revenue growth $103 $87 $66 53% CAGR Operating leverage Pharma Clinical FY-21 FY-22 FY-23 FY-24 FY-25 34% ~65% +Adj. EBITDA +Cash Flow ‘21-’25 revenue CAGR Sequencing GM1 ‘25 Achieved in Q2 ‘25 Achieve
Slide 9: Clinical volume growth accelerating with penetration upside ahead
Clinical volume growth accelerating with penetration upside ahead clonoSEQ test volumes 44% MCL Sales force DLBCL EMR MCL recurrence Volume CAGR ’21-’25 expansion launch integration launch monitoring 39% >100k All time patients 35% 53% 51% ~106k >50% 24k US heme-oncs1 ordered in 2025 FY-21 FY-22 FY-
Slide 10: 5 key strategic drivers of clinical volume growth
5 key strategic drivers of clinical volume growth Blood-based Community 1 2 testing presence Data 3 Guidelines 4 generation EMR 5 integrations A combination of inter-related factors increasing: 1) penetration and 2) test frequency 10
Slide 11: Blood based testing & community presence driving volume growth
Blood based testing & community presence driving volume growth 1 Blood-based ~45% >50% testing 2025 2026 Higher # of tests per patients Higher community contribution 2 Community ~30% >35% Presence 2025 2026 Blood-based indications growth Data generation in blood Assay enhancements in blood 11
Slide 12: Global guidelines updates supporting clonoSEQ utilization
Global guidelines updates supporting clonoSEQ utilization MM Strengthened recommendation for clonality ID test in Dx workup 3 CLL MRD-guided regimens & serial testing added; perform ID added in Dx workup MCL MRD-guided transplant decision added based on MRD assessed at 10-6 2025 DLBCL 1st reference
Slide 13: Data generation in 2025 punctuated by 90+ abstracts at ASH
Data generation in 2025 punctuated by 90+ abstracts at ASH B-ALL pediatric CLL MM Avoid the toxicity of Guide treatment Forego transplant radiation conditioning duration with without compromising 4 prior to transplant combination therapy depth of response ASH Abstract 163; EndRAD trial ASH Abstract
Slide 14: EMR integrations expanding clonoSEQ use across care settings
EMR integrations expanding clonoSEQ use across care settings Academic1 55 37% ~40% 5 Integrated sites of academic Order discrepancy volume integrated reduction2 Community3 118 42% ~75% of community Integrated sites Serial monitoring orders4 volume integrated 1 EMRs include EPIC, Cerner EMR integrate
Slide 15: Multiple levers contributing to ASP growth in 2025 and beyond
Multiple levers contributing to ASP growth in 2025 and beyond 2024 2025 2026 2029 $1,117 ~$1,310 ~$1,400 $1,700 - $1,800 Policy expansion Contracting efforts ▪ Commercial payers ▪ Leverage updated rates with key CLL, DLBCL, MCL national and regional payers ASP ▪ 2 remaining key national payers to cl
Slide 16: MRD Biopharma portfolio
MRD Biopharma portfolio Current portfolio Revenue contribution Contribution per # of studies By disease state in 2025 9% 10% 6% 2% 4% 10% 14% NHL/other 21% 27% 61% 46% 16% CLL 60% 68% 59% 17% MM 38% 16% 10% ALL 6% Sequencing rev Backlog Bookings Pipeline Focus on expansion into CLL and DLBCL to dive
Slide 17: MRD plays an increasingly critical role in heme oncology clinical trials
MRD plays an increasingly critical role in heme oncology clinical trials ~60% of clonoSEQ trials include MRD as endpoint 19 primary endpoints studies: 12 MM, 3 CLL, 3 ALL, 1 MCL Regulatory endorsement by FDA ODAC as a primary 120 endpoint in MM Research only 110 Primary/secondary endpoint Increasing
Slide 18: MRD business FY 2026 expectations
MRD business FY 2026 expectations ▪ Clinical volume growth >30% year-over-year ▪ FY average ASP of ~$1,400 per US clinical test ▪ Mid-single digit millions in MRD milestones ▪ MRD sequencing gross margins >70% 18
Slide 19: Immune Medicine (IM)
Immune Medicine (IM) An immune-based data discovery business
Slide 20: TCR-antigen binding plays a key role in the immune response to disease
TCR - antigen binding plays a key role in the immune response to disease Challenge Solution Opportunity TCR-antigen binding Use our data to change how Connect cellular immune training data to many diseases are diagnosed response to disease model at scale and treated Partner for target/drug Billions
Slide 21: We have generated large scale proprietary immune receptor data
We have generated large scale proprietary immune receptor data TCR-antigen TCR-antigen Solving TCR- data at scale AI model antigen binding challenge to >5M paired TCRs to antigen Sufficient data to train better understand (vs 40k publicly available) and build AI model disease T-cell receptor data Pu
Slide 22: Data monetization opportunities
Data monetization opportunities Potential Data Driven Offerings TCR-Antigen TCR-Antigen Target Training Data AI Prediction Model Discovery Partners to license a subset(s) Partners to use our model for specific Partners to use our capabilities to of our training data drug development use cases identi
Slide 23: 2025 achievements informing future investments
2025 achievements informing future investments IM 2025 goals/achievements 2026 goals Scale TCR-antigen Closed 2 data ▪ Investments and focus to extend data and AI prediction agreements with training TCR-antigen data for AI/ML models Pfizer prediction model improvements ▪ Secure data partnerships Gen
Slide 24: Adaptive Biotechnologies key takeaways 2026
Adaptive Biotechnologies key takeaways 2026 Accelerate leadership position in MRD testing in blood cancers Advance immune data play Achieve positive adjusted EBITDA and positive FCF for whole company by end of 2026
Adaptive Biotechnologies — J.P. Morgan Healthcare Conference 2026 on 6ix