Press Release Details

Adaptive Biotechnologies Reports Second Quarter 2022 Financial Results

August 3, 2022 at 4:05 PM EDT

SEATTLE, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology company that aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease, today reported financial results for the quarter ended June 30, 2022.

“We are pleased to deliver another strong quarter across both the MRD and Immune Medicine businesses,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “I am encouraged by the MRD business momentum as more clinical data and reimbursement decisions continue to drive clonoSEQ adoption. In parallel, data emerging from our immune medicine platform has led to growing interest from pharma partners that will drive revenue and may accelerate diagnostic use cases and potential drug discovery opportunities.”

Recent Highlights

  • Revenue of $43.7 million for the second quarter 2022, representing a 13% increase from the second quarter 2021.
  • clonoSEQ test volume in the second quarter 2022 grew 53% versus the second quarter of prior year and 17% over the first quarter of 2022.
  • Received expanded Medicare coverage of clonoSEQ for assessment of MRD in patients with Diffuse Large B-Cell Lymphoma (DLBCL).
  • Signed a new pan-portfolio agreement with major partner for the use of clonoSEQ to measure MRD as a clinical endpoint.
  • Sharpened focus on Immune Medicine commercialization strategy to prioritize pharma partnering and drug discovery opportunities.

Second Quarter 2022 Financial Results

Revenue was $43.7 million for the quarter ended June 30, 2022, representing a 13% increase from the second quarter in the prior year. Immune Medicine revenue was $22.4 million for the quarter, representing a 3% decrease from the second quarter in the prior year. MRD revenue was $21.3 million for the quarter, representing a 38% increase from the second quarter in the prior year.

Operating expenses were $96.2 million for the second quarter of 2022, compared to $88.3 million in the second quarter of the prior year, representing an increase of 9%.

Net loss was $52.1 million for the second quarter of 2022, compared to $49.3 million for the same period in 2021.

Cash, cash equivalents and marketable securities was $450.7 million as of June 30, 2022.

2022 Financial Guidance

Adaptive Biotechnologies reiterates full year 2022 revenue to be in the range of $185 million to $195 million.

We now expect full year 2022 operating expenses to be between $410 million and $415 million compared to the previous expectation of $425 million to $435 million.

Webcast and Conference Call Information

Adaptive Biotechnologies will host a conference call to discuss its second quarter 2022 financial results after market close on Wednesday, August 3, 2022 at 4:30 PM Eastern Time. The conference call can be accessed at The webcast will be archived and available for replay at least 90 days after the event.

About Adaptive Biotechnologies

Adaptive Biotechnologies (“we” or “our”) is a commercial-stage biotechnology company focused on harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature’s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our proprietary immune medicine platform reveals and translates the massive genetics of the adaptive immune system with scale, precision and speed to develop products in life sciences research, clinical diagnostics and drug discovery. We have commercial products and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune disorders, and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient.

Forward-Looking Statements

This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts and other matters regarding our business strategies, use of capital, results of operations and financial position and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

Laura Cooper

Karina Calzadilla, Vice President, Investor Relations
Carrie Mendivil, Gilmartin Group

Adaptive Biotechnologies
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)

  Three Months Ended June 30,  Six Months Ended June 30, 
  2022  2021  2022  2021 
Revenue $43,660  $38,505  $82,280  $76,947 
Operating expenses                
Cost of revenue  13,221   10,765   26,413   20,756 
Research and development  37,037   37,800   74,876   71,572 
Sales and marketing  24,281   23,216   50,374   43,820 
General and administrative  21,200   16,066   45,344   31,002 
Amortization of intangible assets  423   423   842   842 
Total operating expenses  96,162   88,270   197,849   167,992 
Loss from operations  (52,502)  (49,765)  (115,569)  (91,045)
Interest and other income, net  418   464   689   1,102 
Net loss  (52,084)  (49,301)  (114,880)  (89,943)
Add: Net loss attributable to noncontrolling interest  38      98    
Net loss attributable to Adaptive Biotechnologies Corporation $(52,046) $(49,301) $(114,782) $(89,943)
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted $(0.37) $(0.35) $(0.81) $(0.64)
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted  142,363,589   140,359,317   142,032,261   139,667,380 

Adaptive Biotechnologies
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)

  June 30, 2022  December 31, 2021 
Current assets        
Cash and cash equivalents $76,412  $139,065 
Short-term marketable securities (amortized cost of $310,999 and $214,115, respectively)  307,326   213,996 
Accounts receivable, net  23,712   17,409 
Inventory  18,778   19,263 
Prepaid expenses and other current assets  12,347   13,015 
Total current assets  438,575   402,748 
Long-term assets        
Property and equipment, net  86,852   85,262 
Operating lease right-of-use assets  84,398   87,678 
Long-term marketable securities (amortized cost of $69,055 and $218,163, respectively)  66,928   217,145 
Restricted cash  2,446   2,138 
Intangible assets, net  7,684   8,526 
Goodwill  118,972   118,972 
Other assets  778   875 
Total assets $806,633  $923,344 
Liabilities and shareholders’ equity        
Current liabilities        
Accounts payable $2,720  $3,307 
Accrued liabilities  9,447   9,343 
Accrued compensation and benefits  9,772   15,642 
Current portion of operating lease liabilities  8,615   5,055 
Current portion of deferred revenue  80,914   80,460 
Total current liabilities  111,468   113,807 
Long-term liabilities        
Operating lease liabilities, less current portion  102,727   106,685 
Deferred revenue, less current portion  74,122   98,750 
Total liabilities  288,317   319,242 
Commitments and contingencies        
Shareholders’ equity        
Preferred stock: $0.0001 par value, 10,000,000 shares authorized at June 30, 2022 and December 31, 2021; no shares issued and outstanding at June 30, 2022 and December 31, 2021      
Common stock: $0.0001 par value, 340,000,000 shares authorized at June 30, 2022 and December 31, 2021; 142,784,868 and 141,393,865 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively  14   14 
Additional paid-in capital  1,357,763   1,324,006 
Accumulated other comprehensive loss  (5,800)  (1,137)
Accumulated deficit  (833,673)  (718,891)
Total Adaptive Biotechnologies Corporation shareholders’ equity  518,304   603,992 
Noncontrolling interest  12   110 
Total shareholders’ equity  518,316   604,102 
Total liabilities and shareholders’ equity $806,633  $923,344 


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