株探米国株
日本語 英語
エドガーで原本を確認する
0001478320FalseAdaptive Biotechnologies Corp00014783202024-05-072024-05-07

 

 

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): May 7, 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 May 7, 2024, Adaptive Biotechnologies Corporation (the “Company”) issued a press release regarding the Company’s financial results for the quarter ended March 31, 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 May 7, 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: May 7, 2024

By:

/s/ Kyle Piskel

Kyle Piskel

Chief Financial Officer

 

 


EX-99.1 2 adpt-ex99_1.htm EX-99.1 EX-99.1

EXHIBIT 99.1

img119828894_0.jpg 

Adaptive Biotechnologies Reports First Quarter 2024 Financial Results

 

 

SEATTLE, May 07, 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 March 31, 2024.

 

“This quarter, we implemented important decisions to maximize the value of our MRD and Immune Medicine businesses. I am confident in the steps we are taking to execute on their respective priorities with separate segment reporting,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “Our cash position is strong and will enable us to bridge the MRD business to profitability while advancing key programs in Immune Medicine through gated investments.”

Recent Highlights

Revenue for the first quarter of 2024 was $41.9 million. The MRD business, which contributed 78% of revenue, grew 52% versus the first quarter of 2023.
clonoSEQ test volume in the first quarter of 2024 grew 41% to 17,040 tests delivered versus the first quarter of 2023.
Recognized $4.5 million within MRD revenue upon the achievement of regulatory milestones from biopharmaceutical clinical studies.
The FDA’s Oncologic Drug Advisory Committee (ODAC) voted unanimously in favor of the use of MRD as a primary endpoint to support the accelerated approval of new therapies for patients with multiple myeloma.
Following a strategic review, MRD and Immune Medicine will operate under Adaptive with dedicated resources, separate segment reporting and disciplined capital allocation.
Initiated antibody discovery campaign in Immune Medicine for multiple sclerosis and type 1 diabetes to discover, make and test select antibodies to generate preclinical data during 2024.

First Quarter 2024 Financial Results

Revenue was $41.9 million for the quarter ended March 31, 2024, representing an 11% increase from the first quarter in the prior year. MRD revenue was $32.6 million for the quarter, representing a 52% increase from the first quarter in the prior year. Immune Medicine revenue was $9.2 million for the quarter, representing a 43% decrease from the first quarter in the prior year.

Operating expenses were $90.6 million for the first quarter of 2024, compared to $94.8 million in the first quarter of the prior year, representing a decrease of 4%. MRD operating expenses were $59.9 million for the quarter, representing a 7% increase from the first quarter in the prior year. Immune Medicine operating expenses were $23.8 million for the quarter, representing a 25% decrease from the first quarter in the prior year.


Interest and other income, net was $4.2 million for the first quarter of 2024, compared to $3.0 million in the first quarter of the prior year. Interest expense from our revenue interest purchase agreement was $3.0 million in the first quarter of 2024, compared to $3.5 million in the first quarter of the prior year.

Net loss was $47.5 million for the first quarter of 2024, compared to $57.7 million for the same period in 2023.

Adjusted EBITDA (non-GAAP) was a loss of $28.2 million for the first quarter of 2024, compared to a loss of $37.1 million for the first quarter of the prior year. MRD Adjusted EBITDA (non-GAAP) was a loss of $17.3 million for the quarter, compared to a loss of $26.4 million for the first quarter of the prior year. Immune Medicine Adjusted EBITDA (non-GAAP) was a loss of $6.9 million for the quarter, compared to a loss of $7.4 million for the first quarter of the prior year.

Cash, cash equivalents and marketable securities was $308.9 million as of March 31, 2024.

2024 Updated Financial Guidance

Adaptive Biotechnologies expects full year revenue for the MRD business to be between $135 million and $140 million, updated from the previous range between $130 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, to be between $350 million and $360 million, updated from the previous range between $360 million and $370 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 first quarter 2024 financial results after market close on Tuesday, May 7, 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 right-of-use and related 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 measures, 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;
right-of-use and related 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 Condensed Consolidated Statements of Operations

206-279-2423
media@adaptivebiotech.com 

 


 

Adaptive Biotechnologies

(in thousands, except share and per share amounts)

(unaudited)

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Revenue

 

$

41,873

 

 

$

37,647

 

Operating expenses

 

 

 

 

 

 

Cost of revenue

 

 

18,051

 

 

 

18,681

 

Research and development

 

 

30,245

 

 

 

32,601

 

Sales and marketing

 

 

22,319

 

 

 

22,308

 

General and administrative

 

 

19,597

 

 

 

20,831

 

Amortization of intangible assets

 

 

423

 

 

 

419

 

Total operating expenses

 

 

90,635

 

 

 

94,840

 

Loss from operations

 

 

(48,762

)

 

 

(57,193

)

Interest and other income, net

 

 

4,222

 

 

 

3,024

 

Interest expense

 

 

(2,993

)

 

 

(3,531

)

Net loss

 

 

(47,533

)

 

 

(57,700

)

Add: Net loss attributable to noncontrolling interest

 

 

26

 

 

 

1

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

$

(47,507

)

 

$

(57,699

)

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

 

$

(0.33

)

 

$

(0.40

)

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

 

 

145,787,527

 

 

 

143,511,142

 

 

 


 

Adaptive Biotechnologies

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

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

71,233

 

 

$

65,064

 

Short-term marketable securities (amortized cost of $237,745 and $281,122, respectively)

 

 

237,639

 

 

 

281,337

 

Accounts receivable, net

 

 

42,021

 

 

 

37,969

 

Inventory

 

 

13,291

 

 

 

14,448

 

Prepaid expenses and other current assets

 

 

9,850

 

 

 

11,370

 

Total current assets

 

 

374,034

 

 

 

410,188

 

Long-term assets

 

 

 

 

 

 

Property and equipment, net

 

 

65,260

 

 

 

68,227

 

Operating lease right-of-use assets

 

 

50,999

 

 

 

52,096

 

Restricted cash

 

 

2,963

 

 

 

2,932

 

Intangible assets, net

 

 

4,705

 

 

 

5,128

 

Goodwill

 

 

118,972

 

 

 

118,972

 

Other assets

 

 

3,390

 

 

 

3,591

 

Total assets

 

$

620,323

 

 

$

661,134

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

12,170

 

 

$

7,719

 

Accrued liabilities

 

 

7,914

 

 

 

8,597

 

Accrued compensation and benefits

 

 

6,404

 

 

 

13,685

 

Current portion of operating lease liabilities

 

 

9,594

 

 

 

9,384

 

Current portion of deferred revenue

 

 

46,870

 

 

 

48,630

 

Total current liabilities

 

 

82,952

 

 

 

88,015

 

Long-term liabilities

 

 

 

 

 

 

Operating lease liabilities, less current portion

 

 

86,900

 

 

 

89,388

 

Deferred revenue, less current portion

 

 

44,160

 

 

 

44,793

 

Revenue interest liability, net

 

 

131,545

 

 

 

130,660

 

Total liabilities

 

 

345,557

 

 

 

352,856

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

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

 

 

 

 

 

 

Common stock: $0.0001 par value, 340,000,000 shares authorized at March 31, 2024 and December 31, 2023; 147,368,324 and 145,082,271 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

 

 

14

 

 

 

14

 

Additional paid-in capital

 

 

1,466,844

 

 

 

1,452,502

 

Accumulated other comprehensive (loss) gain

 

 

(106

)

 

 

215

 

Accumulated deficit

 

 

(1,191,839

)

 

 

(1,144,332

)

Total Adaptive Biotechnologies Corporation shareholders’ equity

 

 

274,913

 

 

 

308,399

 

Noncontrolling interest

 

 

(147

)

 

 

(121

)

Total shareholders’ equity

 

 

274,766

 

 

 

308,278

 

Total liabilities and shareholders’ equity

 

$

620,323

 

 

$

661,134

 

 

 


 

Adjusted EBITDA

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

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

$

(47,507

)

 

$

(57,699

)

Interest and other income, net

 

 

(4,222

)

 

 

(3,024

)

Interest expense

 

 

2,993

 

 

 

3,531

 

Depreciation and amortization expense

 

 

5,214

 

 

 

5,423

 

Restructuring expense

 

 

1,044

 

 

 

 

Share-based compensation expense

 

 

14,298

 

 

 

14,671

 

Adjusted EBITDA

 

$

(28,180

)

 

$

(37,098

)

 

 


 

Segment Information (Including Segment Adjusted EBITDA)

The following tables set forth our segment information for the three months ended March 31, 2024 and 2023, as well as the remaining quarterly periods in the prior year (in thousands, unaudited):

 

 

Three Months Ended March 31, 2024

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

32,626

 

 

$

9,247

 

 

$

 

 

$

41,873

 

Operating expenses

 

 

59,886

 

 

 

23,841

 

 

 

6,908

 

 

 

90,635

 

Adjusted EBITDA

 

 

(17,259

)

 

 

(6,927

)

 

 

(3,994

)

 

 

(28,180

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(27,260

)

 

$

(14,593

)

 

$

(5,680

)

 

$

(47,533

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

26

 

 

 

26

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(27,260

)

 

 

(14,593

)

 

 

(5,654

)

 

 

(47,507

)

Interest and other income, net

 

 

 

 

 

 

 

 

(4,222

)

 

 

(4,222

)

Interest expense

 

 

 

 

 

 

 

 

2,993

 

 

 

2,993

 

Depreciation and amortization expense

 

 

2,701

 

 

 

2,082

 

 

 

431

 

 

 

5,214

 

Restructuring expense

 

 

467

 

 

 

577

 

 

 

 

 

 

1,044

 

Share-based compensation expense

 

 

6,833

 

 

 

5,007

 

 

 

2,458

 

 

 

14,298

 

Adjusted EBITDA

 

$

(17,259

)

 

$

(6,927

)

 

$

(3,994

)

 

$

(28,180

)

 

 

 

Three Months Ended December 31, 2023

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

30,762

 

 

$

15,022

 

 

$

 

 

$

45,784

 

Operating expenses

 

 

58,183

 

 

 

26,280

 

 

 

32,389

 

 

 

116,852

 

Adjusted EBITDA

 

 

(17,763

)

 

 

(2,979

)

 

 

(3,923

)

 

 

(24,665

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(27,421

)

 

$

(11,258

)

 

$

(30,788

)

 

$

(69,467

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

26

 

 

 

26

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(27,421

)

 

 

(11,258

)

 

 

(30,762

)

 

 

(69,441

)

Interest and other income, net

 

 

 

 

 

 

 

 

(4,613

)

 

 

(4,613

)

Interest expense

 

 

 

 

 

 

 

 

3,012

 

 

 

3,012

 

Depreciation and amortization expense

 

 

2,413

 

 

 

2,529

 

 

 

450

 

 

 

5,392

 

Impairment of right-of-use and related long-lived assets

 

 

 

 

 

 

 

 

25,429

 

 

 

25,429

 

Share-based compensation expense

 

 

7,245

 

 

 

5,750

 

 

 

2,561

 

 

 

15,556

 

Adjusted EBITDA

 

$

(17,763

)

 

$

(2,979

)

 

$

(3,923

)

 

$

(24,665

)

 

 

 

Three Months Ended September 30, 2023

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

24,668

 

 

$

13,251

 

 

$

 

 

$

37,919

 

Operating expenses

 

 

55,977

 

 

 

26,400

 

 

 

6,498

 

 

 

88,875

 

Adjusted EBITDA

 

 

(21,616

)

 

 

(4,986

)

 

 

(3,229

)

 

 

(29,831

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(31,309

)

 

$

(13,148

)

 

$

(5,869

)

 

$

(50,326

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

26

 

 

 

26

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(31,309

)

 

 

(13,148

)

 

 

(5,843

)

 

 

(50,300

)

Interest and other income, net

 

 

 

 

 

 

 

 

(4,282

)

 

 

(4,282

)

Interest expense

 

 

 

 

 

 

 

 

3,652

 

 

 

3,652

 

Depreciation and amortization expense

 

 

2,489

 

 

 

2,546

 

 

 

728

 

 

 

5,763

 

Share-based compensation expense

 

 

7,204

 

 

 

5,616

 

 

 

2,516

 

 

 

15,336

 

Adjusted EBITDA

 

$

(21,616

)

 

$

(4,986

)

 

$

(3,229

)

 

$

(29,831

)

 

 


 

 

 

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

)

 

 

 

Three Months Ended March 31, 2023

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

21,427

 

 

$

16,220

 

 

$

 

 

$

37,647

 

Operating expenses

 

 

56,025

 

 

 

31,672

 

 

 

7,143

 

 

 

94,840

 

Adjusted EBITDA

 

 

(26,386

)

 

 

(7,427

)

 

 

(3,285

)

 

 

(37,098

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(34,597

)

 

$

(15,452

)

 

$

(7,651

)

 

$

(57,700

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(34,597

)

 

 

(15,452

)

 

 

(7,650

)

 

 

(57,699

)

Interest and other income, net

 

 

 

 

 

 

 

 

(3,024

)

 

 

(3,024

)

Interest expense

 

 

 

 

 

 

 

 

3,531

 

 

 

3,531

 

Depreciation and amortization expense

 

 

2,056

 

 

 

2,753

 

 

 

614

 

 

 

5,423

 

Share-based compensation expense

 

 

6,155

 

 

 

5,272

 

 

 

3,244

 

 

 

14,671

 

Adjusted EBITDA

 

$

(26,386

)

 

$

(7,427

)

 

$

(3,285

)

 

$

(37,098

)