ADPT Adaptive Biotechnologies Corporation

34.99
-1.61  -4%
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  1. 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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  2. SEATTLE, April 27, 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 in the upcoming BofA Securities 2021 Virtual Healthcare Conference.

    Adaptive Biotechnologies' management is scheduled to participate in a fireside chat on Tuesday, May 11th at 8:45 a.m. Pacific Time / 11:45 a.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…

    SEATTLE, April 27, 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 in the upcoming BofA Securities 2021 Virtual Healthcare Conference.

    Adaptive Biotechnologies' management is scheduled to participate in a fireside chat on Tuesday, May 11th at 8:45 a.m. Pacific Time / 11:45 a.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

     



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  3. SEATTLE, April 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 first quarter 2021 after market close on Wednesday, May 5, 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, April 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 first quarter 2021 after market close on Wednesday, May 5, 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



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  4. SEATTLE, March 17, 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 the appointments of Leslie Trigg and Katey Owen, Ph.D. to its Board of Directors effective immediately. The collective commercial and scientific expertise of these industry leaders will strengthen Adaptive's ability to execute against its open-ended growth story. The company also announced that Eric Dobmeier and David Goel will retire from the Board after long-standing tenures.

    "I am excited to welcome Leslie and Katey to our Board during this pivotal period of commercial…

    SEATTLE, March 17, 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 the appointments of Leslie Trigg and Katey Owen, Ph.D. to its Board of Directors effective immediately. The collective commercial and scientific expertise of these industry leaders will strengthen Adaptive's ability to execute against its open-ended growth story. The company also announced that Eric Dobmeier and David Goel will retire from the Board after long-standing tenures.

    "I am excited to welcome Leslie and Katey to our Board during this pivotal period of commercial expansion and scientific innovation. Diversity of thought, perspectives, and experience is essential as we seek to transform clinical care in many diagnostic and therapeutic areas," said Chad Robins, chief executive officer of Adaptive Biotechnologies. "I'd like to thank Eric and David for the invaluable roles they played to help position Adaptive as a leader in immune medicine, as well as their guidance during the transition from a private to public company."

    Leslie's expertise will be instrumental in the commercial adoption of Adaptive's products into the clinical setting. She has served as Chief Executive Officer of Outset Medical since 2014, where she has pioneered disruptive technology transformation in the kidney dialysis space. With rapidly growing revenue across several market segments, Outset completed a successful public offering in 2020. Prior to Outset Medical, Leslie held executive commercial strategy roles at numerous med tech companies that went public or were acquired, including Pro-Duct Health, FoxHollow, AccessClosure, and Lutonix. She received her undergraduate degree from Northwestern University and her MBA from the Haas School of Business, UC Berkeley.

    Katey's expertise in developing late-stage biologics and vaccines at the Gates Foundation and Merck will help guide Adaptive's expansion into new therapeutic areas. As Director at the Bill & Melinda Gates Foundation, Dr. Owen has end-to-end responsibility for investments in diseases that impact a billion people on the planet. She also facilitates regular interaction between Bill Gates and the CEOs of pharmaceutical organizations to achieve global health goals.  Prior to joining the pharmaceutical industry, she carried out academic research on influenza at the National Institute for Medical Research in Mill Hill, London. She earned her Ph.D. in molecular virology from Purdue University.

    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.

    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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  5. First and only clinical T cell-based test for patients to detect the unique T-cell signature specific to SARS-CoV-2, the virus that causes COVID-19

    T-Detect COVID correctly confirmed recent or prior COVID-19 infections 97.1% of the time from date of RT-PCR diagnosis with 100% specificity

    SEATTLE, March 05, 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 the U.S. Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for T-Detect™ COVID to confirm recent or prior COVID-19 infection. This first-in-class T cell…

    First and only clinical T cell-based test for patients to detect the unique T-cell signature specific to SARS-CoV-2, the virus that causes COVID-19

    T-Detect COVID correctly confirmed recent or prior COVID-19 infections 97.1% of the time from date of RT-PCR diagnosis with 100% specificity

    SEATTLE, March 05, 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 the U.S. Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for T-Detect™ COVID to confirm recent or prior COVID-19 infection. This first-in-class T cell- based test is the first indication resulting from Adaptive's TCR-Antigen Map collaboration with Microsoft (NASDAQ:MSFT).

    "We are proud to receive FDA Emergency Use Authorization for T-Detect COVID, the first indication in an entirely new class of tests that use T cells in the blood to detect disease. People who have been unsure about a prior infection will now have another way to know if they had the virus," said Chad Robins, chief executive officer of Adaptive Biotechnologies. "The authorization of T-Detect COVID represents a true breakthrough for patients and a pivotal milestone for the diagnostic testing paradigm. We have proven that it is possible to read how T cells detect disease in the blood, and this is just the beginning of a pipeline of tests for many other indications."

    EUA was based on a clinical validation study showing that T-Detect COVID demonstrated sensitivity of 97.1% from date of diagnosis using RT-PCR. Sensitivity is the ability of the test to correctly identify a positive case (true positive). T-Detect COVID also showed a specificity of 100%. Specificity is the ability of the test to identify a negative case (true negative).

    "This is the first commercially available T-cell test that confirms recent or prior SARS-CoV-2 infections in people. T-Detect is accurate and what I find especially remarkable is how rapidly it was developed. Going from the lab to real-world human impact in a matter of months demonstrates the true value of our collaboration and the power of merging biology with cloud-scale machine learning technology," said Peter Lee, corporate vice president, Research & Incubations, Microsoft. "We are hopeful that this technology will have a meaningful impact not only in the global fight against COVID-19, but in many other disease areas in the future."

    The FDA provides an EUA for medical products to be used in an emergency to diagnose, treat, or prevent serious or life-threatening diseases or conditions when there are no adequate, approved, and available alternatives.

    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 T-Detect 

    T-Detect is a highly sensitive and specific diagnostic test under development for multiple diseases, translating the natural diagnostic capability of T cells into clinical practice. In 2018, Adaptive and Microsoft partnered to build a map of the immune system called the TCR-Antigen Map. This approach uses immunosequencing, proprietary computational modeling, and machine learning to map T-cell receptor sequences to disease-associated antigens for infectious diseases, autoimmune disorders and cancer. From a simple blood draw, T-Detect will leverage the map to provide an immunostatus for an individual, enabling early disease diagnosis, disease monitoring, and critical insights into immunity. T-Detect COVID is the first clinical test launched from this collaboration and the first commercially available T-cell test designed to detect recent or prior SARS-CoV-2 infections. T-Detect COVID is an EUA authorized test that is available for prescription use only.

    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 T-Detect COVID and its ability to detect recent or prior COVID-19 infection, either in its current form or with respect to future mutations of the virus, as well as the potential application of T-Detect to additional disease states.

    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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