ADPT Adaptive Biotechnologies Corporation

36.66
+0.05  (+0%)
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  1. SEATTLE, July 12, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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 announced it will report financial results for the second quarter 2021 after market close on Wednesday, August 4, 2021. Company management will webcast a corresponding conference call beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time.

    Live audio of the webcast will be available on the "Investors" section of the company website at: www.adaptivebiotech.com. The webcast will be archived and available for replay within 24 hours after the event.

    About Adaptive Biotechnologies

    SEATTLE, July 12, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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 announced it will report financial results for the second quarter 2021 after market close on Wednesday, August 4, 2021. Company management will webcast a corresponding conference call beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time.

    Live audio of the webcast will be available on the "Investors" section of the company website at: www.adaptivebiotech.com. The webcast will be archived and available for replay within 24 hours after the event.

    About Adaptive Biotechnologies

    Adaptive Biotechnologies 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 three commercial products and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient.

    ADAPTIVE INVESTORS

    Karina Calzadilla, Vice President, Investor Relations

    201-396-1687

    Carrie Mendivil, Gilmartin Group



    ADAPTIVE MEDIA

    Beth Keshishian

    917-912-7195



    Primary Logo

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  2. SEATTLE, June 09, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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 announced that immunoSEQ® T-MAP™ COVID was used in the Nature study to measure the T-cell immune response elicited by the Johnson & Johnson COVID-19 vaccine in the context of multiple variants of SARS-CoV-2, including B 1.351 and B.1.1.7. The study provides further evidence that the T-cell response may contribute to protection from COVID-19. Adaptive's Technology was used to quantify T-cell expansion across all regions of the virus, demonstrating that the T-cell response is broad and…

    SEATTLE, June 09, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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 announced that immunoSEQ® T-MAP™ COVID was used in the Nature study to measure the T-cell immune response elicited by the Johnson & Johnson COVID-19 vaccine in the context of multiple variants of SARS-CoV-2, including B 1.351 and B.1.1.7. The study provides further evidence that the T-cell response may contribute to protection from COVID-19. Adaptive's Technology was used to quantify T-cell expansion across all regions of the virus, demonstrating that the T-cell response is broad and unaltered by mutations that render vaccine-generated antibodies less effective. The study was conducted by Beth Israel Deaconess Medical Center (BIDMC) in Boston, MA.

    "Our data generated in collaboration with Adaptive Biotechnologies highlight the potent and broad T-cell immune responses induced by the Ad26.COV2.S COVID-19 vaccine in humans, including against virus variants," said Dan Barouch, M.D., Ph.D., Director of the Center for Virology and Vaccine Research at BIDMC. "Using TCRbeta sequencing together with traditional functional T-cell assays, we are able to understand and quantify T-cell expansion to different parts of the spike protein with precision and scale that wouldn't have been possible even a few years ago."

    In the multinational phase 3 ENSEMBLE trial, participants given Johnson & Johnson's vaccine experienced similar efficacy against the B.1.351 variant. To understand the mechanism of protection, the COV1001 phase 1/2 trial analyzed blood samples from 20 vaccinated individuals to measure antibody immune response (humoral immune response) and T-cell response (cellular immune response) against the original SARS-CoV-2 strain WA1/2020 as well as against the B.1.1.7, CAL.20C, P.1., and B.1.351 variants. Post-vaccination, results showed that the levels of neutralizing antibodies were diminished against the variants, but that the T-cell immune response was preserved, suggesting T cells may provide protection against these emerging strains. Results indicate T-cells may be an important correlate of protection and should be considered as an endpoint for vaccine clinical trials.

    "These findings support a growing body of evidence that measuring T-cell response is critical to demonstrate immunity and guide development of COVID-19 vaccines, particularly in the growing presence of new variants," said Harlan Robins, Ph.D., co-founder and chief scientific officer, Adaptive Biotechnologies. "Until recently it has been challenging to incorporate measurement of T-cell response into vaccine clinical trials, but now immunoSEQ T-MAP COVID provides the ability to do this at scale and with precision using blood samples, and this technology can be applied to many different diseases."

    immunoSEQ T-MAP COVID combines the sequencing and mapping capabilities of Adaptive's immune medicine platform to show how T cells respond to different parts of the virus, including the various parts of the spike protein. Mapping exactly how the variants impact different parts of the virus can indicate if the immune response is likely to be affected.

    About the T cell

    T cells are the adaptive immune system's first responders to detect any virus. They quickly multiply and circulate in the blood to attack the virus, often before symptoms appear. Among many other jobs, T cells also recruit B cells to produce antibodies after about a week or two to potentially provide immunity against future infection. T cells contain a treasure trove of information that could provide one consistent and trackable measure of the immune response to COVID-19 from initial exposure through viral clearance.

    T cells can "remember" prior infections and kill pathogens if they reappear. Research shows that antibodies to SARS-CoV-2 decline over time. T cells hold important clues to immunity and correlates of protection and need to be studied to assess how long patients remain resistant to reinfection. Given T cells circulate freely in the blood, they are an easy and thus a desirable target for assessing SARS-CoV-2 exposure and potentially immunity.

    About immunoSEQ T-MAP COVID

    The immunoSEQ® T-MAP™ COVID offering provides tools for researchers to study the COVID-19 T-cell immune response, including detecting past SARS-CoV-2-specific immune response in research samples and the ability to track responses longitudinally. immunoSEQ T-MAP COVID can detect past SARS-CoV-2-specific T-cell immune response with a simple positive/negative result in research samples and track responses longitudinally. Users have access to Adaptive's SARS-CoV-2-specific T-cell receptor database (TCR) database to determine if samples show SARS-CoV-2-specific TCRs and the antigens to which these TCR responded. The tool can be used to study the T-cell immune response for vaccine research across COVID-19 variants., mapping across >160K SARS-CoV-2-specific antigen-TCR sequence-level data. immunoSEQ T-MAP COVID can dive into sequence, patient or population-level data, as well as determine TCR clones shared between cohorts and those that are public vs private clones. immunoSEQ T-MAP COVID is For Research Use Only. Not for use in diagnostic procedures.

    About Adaptive Biotechnologies 

    Adaptive Biotechnologies 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 three commercial products and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient. For more information, please visit adaptivebiotech.com and follow us on www.twitter.com/adaptivebiotech

    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, including forward-looking statements contained in this press release or elsewhere related to the immune response to COVID-19, vaccine development, and the accuracy and functionality of immunoSEQ T-MAP COVID. 

    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.

    ADAPTIVE MEDIA:

    Beth Keshishian

    917-912-7195

    ADAPTIVE INVESTORS:

    Karina Calzadilla

    201-396-1687

    Carrie Mendivil, Gilmartin Group



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  3. SEATTLE, June 03, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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, will be included in more than 20 abstracts studying the use of Adaptive's clonoSEQ® Assay for minimal residual disease (MRD) assessment at the American Society of Clinical Oncology (ASCO) Annual Meeting from June 4-8, and the European Hematology Association (EHA) Virtual Congress from June 9-17. clonoSEQ is the first and only U.S. Food and Drug Administration (FDA)-cleared assay for MRD assessment in chronic lymphocytic leukemia (CLL), multiple myeloma (MM) and B-cell acute lymphoblastic…

    SEATTLE, June 03, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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, will be included in more than 20 abstracts studying the use of Adaptive's clonoSEQ® Assay for minimal residual disease (MRD) assessment at the American Society of Clinical Oncology (ASCO) Annual Meeting from June 4-8, and the European Hematology Association (EHA) Virtual Congress from June 9-17. clonoSEQ is the first and only U.S. Food and Drug Administration (FDA)-cleared assay for MRD assessment in chronic lymphocytic leukemia (CLL), multiple myeloma (MM) and B-cell acute lymphoblastic leukemia (B-ALL), and is widely available to clinicians and patients across the U.S.

    "What is particularly notable at ASCO and EHA this year is the breadth of clinical use cases for MRD that are represented," said Lance Baldo, MD, Chief Medical Officer of Adaptive Biotechnologies. "Both clinician investigators and pharmaceutical companies have found new settings in which deep responses by clonoSEQ are achievable, which is excellent news for patients and also evidence of the growing role that clonoSEQ MRD monitoring can play across the lymphoid cancer care continuum."

    Assessment of MRD is a way to directly detect and quantify remaining disease, even in the absence of symptoms, across a spectrum of blood cancers. A patient's MRD status gives clinicians information about how a patient may be responding to treatment, so patients and providers can be in control when it comes to managing the disease and treatment decisions.

    Data at ASCO and EHA illustrates the relevance of MRD assessment post-CAR T cell therapy, in MM patients who are often heavily pretreated and who in the past might not have been expected to have such deep responses. Similarly, data showing the ability to achieve deep responses in high-risk patients supports the growing range of patient settings in which MRD assessment is valuable. Both meetings also include data showcasing the importance of serial monitoring of MRD using clonoSEQ as a primary endpoint. These data demonstrate that understanding the kinetics of low-level disease over time – which can only be ascertained using a highly sensitive and precisely quantitative MRD assay like clonoSEQ – is vital to clinicians' ability to accurately understand prognosis and even more clinically meaningful than a single point-in-time measurement.

    Key presentations include:

     Title Presentation Timing
    CLL
    EHA S146 (oral) Venetoclax-obinutuzumab for previously untreated chronic lymphocytic leukemia: 4-year follow up analysis of the randomized CLL14 studyon demand
    Multiple Myeloma
    ASCO - 8005 (oral)Ciltacabtagene autoleucel, a B-cell maturation antigen (BCMA)-directed chimeric antigen receptor T-cell (CAR-T) therapy, in relapsed/refractory multiple myeloma (R/R MM): Updated results from CARTITUDE-1.Tuesday, June 8 8:00 AM - 11:00 AM EDT



    ASCO - 8016 (poster)Idecabtagene vicleucel (ide-cel, bb2121), a BCMA-directed CAR T cell therapy, in relapsed and refractory multiple myeloma: Updated KarMMa resultsFriday, June 4 9:00 AM EDT



    ASCO - TPS 8054Subcutaneous daratumumab (DARA SC) plus lenalidomide versus lenalidomide alone as maintenance therapy in patients (pts) with newly diagnosed multiple myeloma (NDMM) who are minimal residual disease (MRD) positive after frontline autologous stem cell transplant (ASCT): The phase 3 AURIGA study.Friday, June 4 9:00 AM EDT



    ASCO - 8011 (poster)/EHA EP1010Interim analysis of a phase 2 minimal residual disease (MRD)-adaptive trial of elotuzumab, carfilzomib, lenalidomide, and dexamethasone (Elo-KRd) for newly diagnosed multiple myeloma (MM).Friday, June 4 9:00 AM EDT/on demand



    ASCO - 8004 (oral)Daratumumab (DARA) maintenance or observation (OBS) after treatment with bortezomib, thalidomide and dexamethasone (VTd) with or without DARA and autologous stem cell transplant (ASCT) in patients (pts) with newly diagnosed multiple myeloma (NDMM): CASSIOPEIA Part 2Tuesday, June 8 8:00 AM - 11:00 AM EDT



    MCL
    7505 (oral)The combination of venetoclax, lenalidomide, and rituximab in patients with newly diagnosed mantle cell lymphoma induces high response rates and MRD undetectability.Monday, June 7 11:30 AM - 2:30 PM EDT

    About the clonoSEQ Assay

    The clonoSEQ Assay is the first and only FDA-cleared assay for MRD in chronic lymphocytic leukemia (CLL), multiple myeloma (MM) and B-cell acute lymphoblastic leukemia (ALL). Minimal residual disease (MRD) refers to the small number of cancer cells that can stay in the body during and after treatment. clonoSEQ was initially granted De Novo designation and marketing authorization by the FDA for the detection and monitoring of MRD in patients with MM and B-ALL using DNA from bone marrow samples. In August 2020, clonoSEQ received additional clearance from the FDA to detect and monitor MRD in blood or bone marrow from patients with CLL. 

    The clonoSEQ Assay leverages Adaptive's proprietary immune medicine platform to identify and quantify specific DNA sequences found in malignant cells, allowing clinicians to assess and monitor MRD during and after treatment. The assay provides standardized, accurate and sensitive measurement of MRD that allows physicians to predict patient outcomes, assess response to therapy over time, monitor patients during remission and predict potential relapse. Clinical practice guidelines in hematological malignancies recognize that MRD status is a reliable indicator of clinical outcomes and response to therapy, and clinical outcomes have been shown to be strongly associated with MRD levels measured by the clonoSEQ Assay in patients diagnosed with CLL, MM and ALL. 

    The clonoSEQ Assay is a single-site test performed at Adaptive Biotechnologies. In addition to its FDA-cleared uses, clonoSEQ is also available as a CLIA-validated laboratory developed test (LDT) service for use in other lymphoid cancers and sample types. For important information about the FDA-cleared uses of clonoSEQ, including the full intended use, limitations, and detailed performance characteristics, please visit www.clonoSEQ.com/technical-summary.

    About Adaptive

    Adaptive Biotechnologies 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 three commercial products and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient.

    For more information, please visit adaptivebiotech.com and follow us on www.twitter.com/adaptivebiotech.

    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.

    MEDIA CONTACT:

    Beth Keshishian

    917-912-7195

    ADAPTIVE INVESTORS:

    Karina Calzadilla

    201-396-1687

    Carrie Mendivil, Gilmartin Group



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  4. SEATTLE, May 20, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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 announced it will be participating virtually in the following investor conferences.

    • William Blair 41st Annual Growth Stock Conference
      Fireside Chat on Tuesday, June 1st at 6:40 a.m. Pacific Time / 9:40 a.m. Eastern Time
    • Goldman Sachs 42nd Annual Global Healthcare Conference
      Fireside Chat on Tuesday, June 8th at 12:50 p.m. Pacific Time / 3:50 p.m. Eastern Time

    Interested parties may access a live and archived webcast of the presentation on the "Investors" section of the company website…

    SEATTLE, May 20, 2021 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (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 announced it will be participating virtually in the following investor conferences.

    • William Blair 41st Annual Growth Stock Conference

      Fireside Chat on Tuesday, June 1st at 6:40 a.m. Pacific Time / 9:40 a.m. Eastern Time
    • Goldman Sachs 42nd Annual Global Healthcare Conference

      Fireside Chat on Tuesday, June 8th at 12:50 p.m. Pacific Time / 3:50 p.m. Eastern Time

    Interested parties may access a live and archived webcast of the presentation on the "Investors" section of the company website at: www.adaptivebiotech.com.

    About Adaptive Biotechnologies

    Adaptive Biotechnologies 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 three commercial products and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient.

    ADAPTIVE INVESTORS

    Karina Calzadilla, Vice President, Investor Relations

    201-396-1687

    Carrie Mendivil, Gilmartin Group



    ADAPTIVE MEDIA

    Beth Keshishian

    917-912-7195





    Primary Logo

    View Full Article Hide Full Article
  5. SEATTLE, May 05, 2021 (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 March 31, 2021.

    "We started the year strong with revenue increasing 84% year over year, driven by growth in both our sequencing and development revenue categories," said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. "I am encouraged by the solid momentum across all areas of our business as we continue to capitalize on the multiple opportunities originating from our platform…

    SEATTLE, May 05, 2021 (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 March 31, 2021.

    "We started the year strong with revenue increasing 84% year over year, driven by growth in both our sequencing and development revenue categories," said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. "I am encouraged by the solid momentum across all areas of our business as we continue to capitalize on the multiple opportunities originating from our platform."

    Recent Highlights

    • Revenue of $38.4 million for the first quarter 2021, representing an 84% increase from the first quarter 2020
    • clonoSEQ clinical sequencing volume for the first quarter 2021 grew 35% versus prior year
    • Recognized $7.0 million in MRD regulatory milestones resulting from two biopharmaceutical partners who used data from our MRD assay to support their respective U.S. Food and Drug Administration (FDA) drug approvals
    • Received Emergency Use Authorization (EUA) from FDA for T-Detect™ COVID to confirm recent or prior COVID-19 infection
    • Generated new data that confirms the ability of T-Detect to diagnose patients with Crohn's disease and distinguish between patients with colitis
    • Named Leslie Trigg and Katey Einterz Owen, PhD to the Board of Directors

    First Quarter 2021 Financial Results

    Revenue was $38.4 million for the quarter ended March 31, 2021, representing an 84% increase from the first quarter in the prior year. Sequencing revenue was $15.2 million for the quarter, representing a 60% increase from the first quarter in the prior year. Development revenue was $23.3 million for the quarter, representing a 103% increase from the first quarter in the prior year.

    Operating expenses were $79.7 million for the first quarter of 2021, compared to $55.5 million in the first quarter of the prior year, representing an increase of 44%.

    Net loss was $40.6 million for the first quarter of 2021, compared to $31.4 million for the same period in 2020.

    Adjusted EBITDA (non-GAAP) was a loss of $30.1 million for the first quarter of 2021, compared to a loss of $28.0 million for the first quarter of the prior year.

    Cash, cash equivalents and marketable securities was $745.0 million as of March 31, 2021.

    2021 Financial Guidance

    Adaptive Biotechnologies expects full year 2021 revenue to be in the range of $145 million to $155 million, representing 52% growth at the mid-point of the range over full year 2020 revenue.

    Webcast and Conference Call Information

    Adaptive Biotechnologies will host a conference call to discuss its first quarter 2021 financial results after market close on Wednesday, May 5, 2021 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 to develop products in life sciences research, clinical diagnostics and drug discovery. We have three commercial products and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions 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 adjusted for interest and other income, net, income tax benefit (expense), depreciation and amortization and share-based compensation expenses. We have provided a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA at the end of this press release.

    Management uses Adjusted EBITDA to evaluate the financial performance of our business and the effectiveness of our business strategies. We present Adjusted EBITDA 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 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 in the presentation of Adjusted EBITDA. 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;
    • income tax benefit (expense), 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 non-cash component of employee compensation expense; and
    • the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations.

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

    ADAPTIVE MEDIA

    Beth Keshishian

    917-912-7195

    ADAPTIVE INVESTORS

    Karina Calzadilla, Vice President, Investor Relations

    201-396-1687

    Carrie Mendivil, Gilmartin Group

    Adaptive Biotechnologies

    Condensed Consolidated Statements of Operations

    (in thousands, except share and per share amounts)

    (unaudited)

      Three Months Ended March 31, 
      2021  2020 
    Revenue        
    Sequencing revenue $15,174  $9,469 
    Development revenue  23,268   11,441 
    Total revenue  38,442   20,910 
    Operating expenses        
    Cost of revenue  9,991   5,343 
    Research and development  33,772   23,935 
    Sales and marketing  20,604   14,007 
    General and administrative  14,936   11,821 
    Amortization of intangible assets  419   424 
    Total operating expenses  79,722   55,530 
    Loss from operations  (41,280)  (34,620)
    Interest and other income, net  638   2,894 
    Income tax benefit     323 
    Net loss $(40,642) $(31,403)
    Net loss per share attributable to common shareholders, basic and diluted $(0.29) $(0.25)
    Weighted-average shares used in computing net loss per share attributable to common shareholders, basic and diluted  138,967,754   126,058,389 

    Adaptive Biotechnologies

    Condensed Consolidated Balance Sheets

    (in thousands, except share and per share amounts)

      March 31,

    2021
      December 31,

    2020
     
      (unaudited)     
    Assets        
    Current assets        
    Cash and cash equivalents $173,624  $123,436 
    Short-term marketable securities (amortized cost of $540,016 and $564,036, respectively)  540,640   564,833 
    Accounts receivable, net  19,754   10,047 
    Inventory  17,422   14,063 
    Prepaid expenses and other current assets  13,520   14,535 
    Total current assets  764,960   726,914 
    Long-term assets        
    Property and equipment, net  56,308   39,692 
    Operating lease right-of-use assets  88,504   99,350 
    Long-term marketable securities (amortized cost of $30,681 and $118,429, respectively)  30,688   118,525 
    Restricted cash  2,138   2,138 
    Intangible assets, net  9,806   10,225 
    Goodwill  118,972   118,972 
    Other assets  717   598 
    Total assets $1,072,093  $1,116,414 
    Liabilities and shareholders' equity        
    Current liabilities        
    Accounts payable $5,197  $3,237 
    Accrued liabilities  13,484   13,162 
    Accrued compensation and benefits  5,431   11,950 
    Current portion of operating lease liabilities  4,308   3,529 
    Current portion of deferred revenue  78,348   73,319 
    Total current liabilities  106,768   105,197 
    Long-term liabilities        
    Operating lease liabilities, less current portion  95,252   104,333 
    Deferred revenue, less current portion  144,356   163,618 
    Total liabilities  346,376   373,148 
    Commitments and contingencies        
    Shareholders' equity        
    Preferred stock: $0.0001 par value, 10,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued and outstanding at March 31, 2021 and December 31, 2020      
    Common stock: $0.0001 par value, 340,000,000 shares authorized at March 31, 2021 and December 31, 2020; 139,884,698 and 137,646,896 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively  14   14 
    Additional paid-in capital  1,277,197   1,253,971 
    Accumulated other comprehensive gain  631   893 
    Accumulated deficit  (552,254)  (511,612)
    Total Adaptive Biotechnologies Corporation shareholders' equity  725,588   743,266 
    Noncontrolling interest  129    
    Total shareholders' equity  725,717   743,266 
    Total liabilities and shareholders' equity $1,072,093  $1,116,414 

    Adjusted EBITDA

    The following table sets forth a reconciliation between our Adjusted EBITDA and our net loss, the most directly comparable GAAP financial measure, for each of the periods presented (in thousands, unaudited):

      Three Months Ended March 31, 
      2021  2020 
    Net loss $(40,642) $(31,403)
    Interest and other income, net  (638)  (2,894)
    Income tax benefit     (323)
    Depreciation and amortization expense  2,671   1,978 
    Share-based compensation expense  8,484   4,675 
    Adjusted EBITDA $(30,125) $(27,967)


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