Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q2 2021 Earnings Conference Call August 4, 2021 4:30 PM ET Company Participants Karina Calzadilla - Vice President of Investor Relations Chad Robins - Chief Executive Officer & Co-Founder Julie Rubinstein - President Chad Cohen - Chief Financial Officer Harlan Robins - Chief Scientific Officer Conference Call Participants Derik De Bruin - Bank of America Brian Weinstein - William Blair Doug Schenkel - Cowen Tycho Peterson - JPMorgan Mark Massaro - BTIG Davi ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited statements show significant revenue growth alongside a wider net loss and a decrease in total assets [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $1.03 billion, driven by a reduction in marketable securities and deferred revenue Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 (unaudited) | December 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $184,186 | $123,436 | | Short-term marketable securities | $414,227 | $564,833 | | **Total Assets** | **$1,033,374** | **$1,116,414** | | Total current liabilities | $116,648 | $105,197 | | **Total Liabilities** | **$340,064** | **$373,148** | | **Total Shareholders' Equity** | **$693,310** | **$743,266** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Quarterly revenue grew 83% year-over-year to $38.5 million, while the net loss widened to $49.3 million Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | 6 Months 2021 | 6 Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $38,505 | $20,988 | $76,947 | $41,898 | | Loss from Operations | $(49,765) | $(36,909) | $(91,045) | $(71,529) | | Net Loss | $(49,301) | $(33,535) | $(89,943) | $(64,938) | | Net Loss Per Share | $(0.35) | $(0.26) | $(0.64) | $(0.51) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased significantly to $95.5 million for the six-month period Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(95,458) | $(62,683) | | Net cash provided by investing activities | $135,266 | $320,251 | | Net cash provided by financing activities | $20,942 | $11,296 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail revenue recognition policies, significant customer concentration, and potential future milestone payments - Revenue is generated from Sequencing (clonoSEQ, T-Detect COVID, immunoSEQ) and Development services for biopharmaceutical customers[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - The Genentech collaboration includes a **$300 million upfront payment** recognized over seven to eight years and over **$1.8 billion in potential future milestones**[48](index=48&type=chunk)[51](index=51&type=chunk) - The company could receive up to an additional **$327.0 million in milestone payments** from its MRD development agreements upon regulatory approvals[47](index=47&type=chunk) Significant Customer Revenue Concentration | Customer | % of Total Revenue (Q2 2021) | % of Total Revenue (6 Months 2021) | | :--- | :--- | :--- | | Genentech, Inc. and Roche Group | 46.0% | 44.1% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlights 83% quarterly revenue growth, rising operating expenses, and a strong liquidity position [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Revenue growth was driven by increased sequencing volume and development milestones, offset by higher R&D and commercial investments - Clinical sequencing volume (excluding T-Detect COVID) **increased by 75%** to 5,475 tests, and research sequencing volume **increased by 65%** to 6,900 sequences in Q2 2021 compared to Q2 2020[118](index=118&type=chunk) Revenue Comparison (in thousands) | Revenue Type | Q2 2021 | Q2 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sequencing revenue | $18,555 | $7,985 | $10,570 | 132% | | Development revenue | $19,950 | $13,003 | $6,947 | 53% | | **Total revenue** | **$38,505** | **$20,988** | **$17,517** | **83%** | Operating Expense Comparison (in thousands) | Expense Category | Q2 2021 | Q2 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of revenue | $10,765 | $4,912 | $5,853 | 119% | | Research and development | $37,800 | $25,992 | $11,808 | 45% | | Sales and marketing | $23,216 | $14,332 | $8,884 | 62% | | General and administrative | $16,066 | $12,238 | $3,828 | 31% | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity with $689.5 million in cash and marketable securities to fund operations for at least 12 months - As of June 30, 2021, the company had cash, cash equivalents, and marketable securities totaling **$689.5 million**[140](index=140&type=chunk) - Management believes **existing cash is sufficient** to fund operations and capital requirements for at least the next 12 months[140](index=140&type=chunk) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(95,458) | $(62,683) | | Net cash provided by investing activities | $135,266 | $320,251 | | Net cash provided by financing activities | $20,942 | $11,296 | [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure relates to interest rate changes affecting its cash and investment portfolio - The company is primarily exposed to market risk from **changes in interest rates** related to its cash and investment portfolio[151](index=151&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective as of June 30, 2021**[152](index=152&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect - As of the reporting date, the company is **not involved in any material legal proceedings**[153](index=153&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been made to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been **no material changes** to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020[154](index=154&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable as there were no unregistered sales of equity securities during the reporting period - **No unregistered sales of equity securities** occurred during the period[155](index=155&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including required officer certifications and interactive data files - The report includes required **CEO and CFO certifications** pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q1 2021 Earnings Conference Call May 5, 2021 4:30 PM ET Company Participants Karina Calzadilla - VP, IR Chad Robins - CEO & Co-Founder Chad Cohen - CFO Julie Rubinstein - President Harlan Robins - Chief Scientific Officer Conference Call Participants Brian Weinstein - William Blair Tycho Peterson - JPMorgan Doug Schenkel - Cowen Mark Massaro - BTIG David Westenberg - Guggenheim Securities Operator Good afternoon, and thank you for standing by. And welcome t ...

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q4 2020 Earnings Conference Call February 24, 2021 4:30 PM ET Company Participants Chad Robins – Chief Executive Officer and Co-Founder Karina Calzadilla – Vice President-Investor Relations Chad Cohen – Chief Financial Officer Julie Rubinstein – President Conference Call Participants Doug Schenkel – Cowen Brian Weinstein – William Blair Tejas Savant – Morgan Stanley Tycho Peterson – JPMorgan David Westenberg – Guggenheim Securities Mark Massaro – BTIG Opera ...

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q3 2020 Earnings Conference Call November 10, 2020 4:30 PM ET Company Participants Karina Calzadilla – Investor Relations Chad Robins – Chief Executive Officer and Co-Founder Julie Rubinstein – President Chad Cohen – Chief Financial Officer Harlan Robins – Chief Scientific Officer and Co-Founder Conference Call Participants Tycho Peterson – J.P. Morgan Derik de Bruin – Bank of America Doug Schenkel – Cowen Salveen Richter – Goldman Sachs Brian Weinstein – W ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-38957 ADAPTIVE BIOTECHNOLOGIES COR ...

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q2 2020 Results Earnings Conference Call August 11, 2020 4:30 PM ET Company Participants Karina Calzadilla - Vice President, Investor Relations Chad Robins - Co-founder and Chief Executive Officer Julie Rubinstein - President Chad Cohen - Chief Financial Officer Harlan Robins – Chief Scientific Officer and Co-Founder Conference Call Participants Derik de Bruin - Bank of America Merrill Lynch Tycho Peterson - J.P. Morgan Doug Schenkel - Cowen and Company Sal ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-38957 ADAPTIVE BIOTECHNOLOGIES CORPORAT ...