8-K
False000147832000014783202024-08-012024-08-01

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2024

ADAPTIVE BIOTECHNOLOGIES CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Washington

001-38957

27-0907024

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

1165 Eastlake Avenue East

Seattle, Washington

98109

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (206) 659-0067

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.0001 per share

 

ADPT

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


 

Item 2.02

Results of Operations and Financial Condition.

On August 1, 2024, Adaptive Biotechnologies Corporation (the “Company”) issued a press release regarding the Company’s financial results for the quarter ended June 30, 2024. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

The information in this Item 2.02 and the press release attached as Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

Description

99.1

Press Release dated August 1, 2024

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Adaptive Biotechnologies Corporation

Date: August 1, 2024

By:

/s/ Kyle Piskel

Kyle Piskel

Chief Financial Officer

 

 


EX-99.1

EXHIBIT 99.1

https://cdn.kscope.io/2ded10d6841d57ba3dc50271814e8769-img119828894_0.jpg 

Adaptive Biotechnologies Reports Second Quarter 2024 Financial Results

 

 

SEATTLE, Aug. 01, 2024 (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, 2024.

 

“We had another strong quarter with MRD revenue growth of 36% and delivered significant reductions in operating spend and cash burn versus prior year,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “I am encouraged by our progress towards MRD profitability and our execution on key Immune Medicine programs with disciplined capital allocation.”

Recent Highlights

Revenue for the second quarter of 2024 was $43.2 million. The MRD business, which contributed 82% of revenue, grew 36% versus the second quarter of 2023.
clonoSEQ test volume in the second quarter of 2024 grew 36% to 18,520 tests delivered versus the second quarter of 2023.
Recognized $3.0 million in MRD regulatory milestone revenue resulting from a biopharmaceutical partner who used data from our MRD assay to support its drug approval.
Updated full year guidance to reflect a raise in the MRD revenue range, a decrease in operating spend and a reduction in annual cash burn.

Second Quarter 2024 Financial Results

Revenue was $43.2 million for the quarter ended June 30, 2024, representing a 12% decrease from the second quarter in the prior year. MRD revenue was $35.3 million for the quarter, representing a 36% increase from the second quarter in the prior year. Immune Medicine revenue was $7.9 million for the quarter, representing a 66% decrease from the second quarter in the prior year.

Operating expenses for the second quarter of 2024, which include $7.2 million of long-lived assets impairment charges, were $90.5 million, compared to $96.7 million in the second quarter of the prior year, representing a decrease of 6%. Excluding the impact of the long-lived assets impairment charges, operating expenses for the second quarter of 2024 decreased 14% compared to the second quarter of 2023. MRD operating expenses for the second quarter of 2024, which include $2.8 million of the long-lived assets impairment charges, were $58.4 million, representing a 1% decrease from the second quarter in the prior year. Excluding the impact of the long-lived assets impairment charges, MRD operating expenses for the second quarter of 2024 decreased 6% compared to the same period in 2023. Immune Medicine operating expenses for the second quarter of 2024, which include $4.4 million of the long-lived assets impairment charges, were $26.1 million, representing a 15% decrease from the second quarter in the prior year. Excluding the impact of the long-lived assets impairment charges, Immune Medicine operating expenses for the second quarter of 2024 decreased 29% compared to the same period in 2023.

 


Interest and other income, net was $3.8 million for the second quarter of 2024, compared to $3.6 million in the second quarter of the prior year. Interest expense from our revenue interest purchase agreement was $2.7 million in the second quarter of 2024, compared to $3.6 million in the second quarter of the prior year.

Net loss was $46.2 million for the second quarter of 2024, compared to $47.8 million for the same period in 2023.

Adjusted EBITDA (non-GAAP) was a loss of $21.4 million for the second quarter of 2024, compared to a loss of $24.8 million for the second quarter of the prior year. MRD Adjusted EBITDA (non-GAAP) was a loss of $11.3 million for the quarter, compared to a loss of $23.1 million for the second quarter of the prior year. Immune Medicine Adjusted EBITDA (non-GAAP) was a loss of $7.0 million for the quarter, compared to $1.3 million for the second quarter of the prior year.

Cash, cash equivalents and marketable securities was $291.9 million as of June 30, 2024.

2024 Updated Financial Guidance

Adaptive Biotechnologies expects full year revenue for the MRD business to be between $140 million and $145 million, updated from the previous range between $135 million and $140 million. No revenue guidance is provided for the Immune Medicine business.

We expect full year total company operating expenses, including cost of revenue and excluding one-time costs from asset impairments and other restructuring charges, to be between $340 million and $350 million, updated from the previous range between $350 million and $360 million.

Management will provide further details on the outlook during the conference call.

Webcast and Conference Call Information

Adaptive Biotechnologies will host a conference call to discuss its second quarter 2024 financial results after market close on Thursday, August 1, 2024 at 4:30 PM Eastern Time. The conference call can be accessed at http://investors.adaptivebiotech.com. 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. We apply our platform to partner with biopharmaceutical companies, inform drug development, and develop clinical diagnostics across our two business areas: Minimal Residual Disease (MRD) and Immune Medicine. Our commercial products and clinical pipeline enable the diagnosis, monitoring, and 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.

Use of Non-GAAP Financial Measure

To supplement our unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), this press release also includes references to Adjusted EBITDA, which is a non-GAAP financial measure that we define as net loss attributable to Adaptive Biotechnologies Corporation adjusted for interest and other income, net, interest expense, income tax (expense) benefit, depreciation and amortization expense, impairment costs for long-lived assets, restructuring expense and share-based compensation expense. We define our segment Adjusted EBITDA in the same way to the extent the net loss attributable to Adaptive Biotechnologies Corporation and adjustments are allocable to each segment. We have provided reconciliations of net loss attributable to Adaptive Biotechnologies Corporation, the most directly comparable GAAP financial measure, to Adjusted EBITDA at the end of this press release.

Management uses Adjusted EBITDA, including segment Adjusted EBITDA, to evaluate the financial performance of our business and segments and to evaluate the effectiveness of our strategies. We present these figures because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry and it facilitates comparisons on a consistent basis across reporting periods. Further, we believe it is helpful in highlighting trends in our operating results because it excludes items that are not indicative of our core operating performance.

Adjusted EBITDA, including segment Adjusted EBITDA, has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. We may in the future incur expenses similar to the adjustments we make. In particular, we expect to incur meaningful share-based compensation expense in the future. Other limitations include that Adjusted EBITDA does not reflect:

all expenditures or future requirements for capital expenditures or contractual commitments;
changes in our working capital needs;

interest expense, which is an ongoing element of our costs to operate;
income tax (expense) benefit, which may be a necessary element of our costs and ability to operate;
the costs of replacing the assets being depreciated and amortized, which will often have to be replaced in the future;
the noncash component of employee compensation expense;
long-lived assets impairment costs; and
the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations, such as our restructuring activities and reductions in workforce.

 

In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

ADAPTIVE INVESTORS
Karina Calzadilla, Vice President, Investor Relations

201-396-1687
investors@adaptivebiotech.com 

 

ADAPTIVE MEDIA
Erica Jones, Associate Corporate Communications Director

206-279-2423
media@adaptivebiotech.com 

 


 

Adaptive Biotechnologies

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

$

43,190

 

 

$

48,926

 

 

$

85,063

 

 

$

86,573

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

19,317

 

 

 

17,910

 

 

 

37,368

 

 

 

36,591

 

Research and development

 

 

25,353

 

 

 

32,237

 

 

 

55,598

 

 

 

64,838

 

Sales and marketing

 

 

20,314

 

 

 

23,872

 

 

 

42,633

 

 

 

46,180

 

General and administrative

 

 

17,895

 

 

 

22,302

 

 

 

37,492

 

 

 

43,133

 

Amortization of intangible assets

 

 

424

 

 

 

423

 

 

 

847

 

 

 

842

 

Impairment of long-lived assets

 

 

7,205

 

 

 

 

 

 

7,205

 

 

 

 

Total operating expenses

 

 

90,508

 

 

 

96,744

 

 

 

181,143

 

 

 

191,584

 

Loss from operations

 

 

(47,318

)

 

 

(47,818

)

 

 

(96,080

)

 

 

(105,011

)

Interest and other income, net

 

 

3,766

 

 

 

3,612

 

 

 

7,988

 

 

 

6,636

 

Interest expense

 

 

(2,696

)

 

 

(3,605

)

 

 

(5,689

)

 

 

(7,136

)

Net loss

 

 

(46,248

)

 

 

(47,811

)

 

 

(93,781

)

 

 

(105,511

)

Add: Net loss attributable to noncontrolling interest

 

 

26

 

 

 

1

 

 

 

52

 

 

 

2

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

$

(46,222

)

 

$

(47,810

)

 

$

(93,729

)

 

$

(105,509

)

Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted

 

$

(0.31

)

 

$

(0.33

)

 

$

(0.64

)

 

$

(0.73

)

Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted

 

 

147,414,095

 

 

 

144,397,693

 

 

 

146,600,811

 

 

 

143,956,867

 

 

 


 

Adaptive Biotechnologies

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

 

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,824

 

 

$

65,064

 

Short-term marketable securities (amortized cost of $232,238 and $281,122, respectively)

 

 

232,056

 

 

 

281,337

 

Accounts receivable, net

 

 

35,610

 

 

 

37,969

 

Inventory

 

 

13,214

 

 

 

14,448

 

Prepaid expenses and other current assets

 

 

10,848

 

 

 

11,370

 

Total current assets

 

 

351,552

 

 

 

410,188

 

Long-term assets

 

 

 

 

 

 

Property and equipment, net

 

 

55,418

 

 

 

68,227

 

Operating lease right-of-use assets

 

 

48,521

 

 

 

52,096

 

Restricted cash

 

 

2,976

 

 

 

2,932

 

Intangible assets, net

 

 

4,281

 

 

 

5,128

 

Goodwill

 

 

118,972

 

 

 

118,972

 

Other assets

 

 

3,152

 

 

 

3,591

 

Total assets

 

$

584,872

 

 

$

661,134

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

9,867

 

 

$

7,719

 

Accrued liabilities

 

 

6,709

 

 

 

8,597

 

Accrued compensation and benefits

 

 

9,519

 

 

 

13,685

 

Current portion of operating lease liabilities

 

 

9,806

 

 

 

9,384

 

Current portion of deferred revenue

 

 

52,225

 

 

 

48,630

 

Total current liabilities

 

 

88,126

 

 

 

88,015

 

Long-term liabilities

 

 

 

 

 

 

Operating lease liabilities, less current portion

 

 

84,370

 

 

 

89,388

 

Deferred revenue, less current portion

 

 

38,844

 

 

 

44,793

 

Revenue interest liability, net

 

 

132,082

 

 

 

130,660

 

Other long-term liabilities

 

 

20

 

 

 

 

Total liabilities

 

 

343,442

 

 

 

352,856

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

Preferred stock: $0.0001 par value, 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023

 

 

 

 

 

 

Common stock: $0.0001 par value, 340,000,000 shares authorized at June 30, 2024 and December 31, 2023; 147,462,201 and 145,082,271 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

14

 

 

 

14

 

Additional paid-in capital

 

 

1,479,832

 

 

 

1,452,502

 

Accumulated other comprehensive (loss) gain

 

 

(182

)

 

 

215

 

Accumulated deficit

 

 

(1,238,061

)

 

 

(1,144,332

)

Total Adaptive Biotechnologies Corporation shareholders’ equity

 

 

241,603

 

 

 

308,399

 

Noncontrolling interest

 

 

(173

)

 

 

(121

)

Total shareholders’ equity

 

 

241,430

 

 

 

308,278

 

Total liabilities and shareholders’ equity

 

$

584,872

 

 

$

661,134

 

 

 


 

Adjusted EBITDA

The following is a reconciliation of net loss attributable to Adaptive Biotechnologies Corporation, the most directly comparable GAAP financial measure, to Adjusted EBITDA for the periods presented (in thousands, unaudited):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

$

(46,222

)

 

$

(47,810

)

 

$

(93,729

)

 

$

(105,509

)

Interest and other income, net

 

 

(3,766

)

 

 

(3,612

)

 

 

(7,988

)

 

 

(6,636

)

Interest expense

 

 

2,696

 

 

 

3,605

 

 

 

5,689

 

 

 

7,136

 

Depreciation and amortization expense

 

 

5,003

 

 

 

5,653

 

 

 

10,217

 

 

 

11,076

 

Impairment of long-lived assets

 

 

7,205

 

 

 

 

 

 

7,205

 

 

 

 

Restructuring expense

 

 

680

 

 

 

 

 

 

1,724

 

 

 

 

Share-based compensation expense

 

 

12,958

 

 

 

17,345

 

 

 

27,256

 

 

 

32,016

 

Adjusted EBITDA

 

$

(21,446

)

 

$

(24,819

)

 

$

(49,626

)

 

$

(61,917

)

 

 


 

Segment Information (Including Segment Adjusted EBITDA)

The following tables set forth our segment information for the three and six months ended June 30, 2024 and 2023, respectively (in thousands, unaudited):

 

 

Three Months Ended June 30, 2024

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

35,284

 

 

$

7,906

 

 

$

 

 

$

43,190

 

Operating expenses

 

 

58,361

 

 

 

26,133

 

 

 

6,014

 

 

 

90,508

 

Adjusted EBITDA

 

 

(11,289

)

 

 

(7,033

)

 

 

(3,124

)

 

 

(21,446

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(23,077

)

 

$

(18,228

)

 

$

(4,943

)

 

$

(46,248

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

26

 

 

 

26

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(23,077

)

 

 

(18,228

)

 

 

(4,917

)

 

 

(46,222

)

Interest and other income, net

 

 

 

 

 

 

 

 

(3,766

)

 

 

(3,766

)

Interest expense

 

 

 

 

 

 

 

 

2,696

 

 

 

2,696

 

Depreciation and amortization expense

 

 

2,604

 

 

 

1,967

 

 

 

432

 

 

 

5,003

 

Impairment of long-lived assets

 

 

2,819

 

 

 

4,386

 

 

 

 

 

 

7,205

 

Restructuring expense

 

 

561

 

 

 

119

 

 

 

 

 

 

680

 

Share-based compensation expense

 

 

5,804

 

 

 

4,723

 

 

 

2,431

 

 

 

12,958

 

Adjusted EBITDA

 

$

(11,289

)

 

$

(7,033

)

 

$

(3,124

)

 

$

(21,446

)

 

 

 

Three Months Ended June 30, 2023

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

25,882

 

 

$

23,044

 

 

$

 

 

$

48,926

 

Operating expenses

 

 

58,944

 

 

 

30,681

 

 

 

7,119

 

 

 

96,744

 

Adjusted EBITDA

 

 

(23,079

)

 

 

1,264

 

 

 

(3,004

)

 

 

(24,819

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(33,063

)

 

$

(7,636

)

 

$

(7,112

)

 

$

(47,811

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(33,063

)

 

 

(7,636

)

 

 

(7,111

)

 

 

(47,810

)

Interest and other income, net

 

 

 

 

 

 

 

 

(3,612

)

 

 

(3,612

)

Interest expense

 

 

 

 

 

 

 

 

3,605

 

 

 

3,605

 

Depreciation and amortization expense

 

 

2,267

 

 

 

2,608

 

 

 

778

 

 

 

5,653

 

Share-based compensation expense

 

 

7,717

 

 

 

6,292

 

 

 

3,336

 

 

 

17,345

 

Adjusted EBITDA

 

$

(23,079

)

 

$

1,264

 

 

$

(3,004

)

 

$

(24,819

)

 

 

 

Six Months Ended June 30, 2024

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

67,910

 

 

$

17,153

 

 

$

 

 

$

85,063

 

Operating expenses

 

 

118,247

 

 

 

49,974

 

 

 

12,922

 

 

 

181,143

 

Adjusted EBITDA

 

 

(28,548

)

 

 

(13,960

)

 

 

(7,118

)

 

 

(49,626

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(50,337

)

 

$

(32,821

)

 

$

(10,623

)

 

$

(93,781

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

52

 

 

 

52

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(50,337

)

 

 

(32,821

)

 

 

(10,571

)

 

 

(93,729

)

Interest and other income, net

 

 

 

 

 

 

 

 

(7,988

)

 

 

(7,988

)

Interest expense

 

 

 

 

 

 

 

 

5,689

 

 

 

5,689

 

Depreciation and amortization expense

 

 

5,305

 

 

 

4,049

 

 

 

863

 

 

 

10,217

 

Impairment of long-lived assets

 

 

2,819

 

 

 

4,386

 

 

 

 

 

 

7,205

 

Restructuring expense

 

 

1,028

 

 

 

696

 

 

 

 

 

 

1,724

 

Share-based compensation expense

 

 

12,637

 

 

 

9,730

 

 

 

4,889

 

 

 

27,256

 

Adjusted EBITDA

 

$

(28,548

)

 

$

(13,960

)

 

$

(7,118

)

 

$

(49,626

)

 

 


 

 

 

Six Months Ended June 30, 2023

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

47,309

 

 

$

39,264

 

 

$

 

 

$

86,573

 

Operating expenses

 

 

114,969

 

 

 

62,353

 

 

 

14,262

 

 

 

191,584

 

Adjusted EBITDA

 

 

(49,465

)

 

 

(6,163

)

 

 

(6,289

)

 

 

(61,917

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(67,660

)

 

$

(23,088

)

 

$

(14,763

)

 

$

(105,511

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

2

 

 

 

2

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(67,660

)

 

 

(23,088

)

 

 

(14,761

)

 

 

(105,509

)

Interest and other income, net

 

 

 

 

 

 

 

 

(6,636

)

 

 

(6,636

)

Interest expense

 

 

 

 

 

 

 

 

7,136

 

 

 

7,136

 

Depreciation and amortization expense

 

 

4,323

 

 

 

5,361

 

 

 

1,392

 

 

 

11,076

 

Share-based compensation expense

 

 

13,872

 

 

 

11,564

 

 

 

6,580

 

 

 

32,016

 

Adjusted EBITDA

 

$

(49,465

)

 

$

(6,163

)

 

$

(6,289

)

 

$

(61,917

)