Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q4 2022 Earnings Conference Call February 14, 2023 4:30 PM ET Corporate Participants Karina Calzadilla - VP, Investor Relations Tycho Peterson - Chief Financial Officer Sharon Benzeno - Chief Commercial Officer, Immune Medicine Nitin Sood - Chief Commercial Officer, MRD Chad Robins - Co-founder, Chairman and Chief Executive Officer Conference Call Participants Derik De Bruin - Bank of America David Westenberg - Piper Sandler Daniel Brennan - Cowen Julia Che ...

Fourth Quarter and FY 2022 Earnings Conference Call This presentation has been prepared by Adaptive Biotechnologies Corporation ("we," "us," "our," "Adaptive" or the "Company") and is made for informational purposes only. The information set forth herein does not purport to be complete or to contain all relevant information. Statements contained herein are made as of the date of this presentation unless stated otherwise. This presentation shall not constitute an offer to sell or the solicitation of an offer ...

Revenue Growth - Revenue increased by 20% to $185.3 million in 2022, with double-digit percentage increases in both MRD and IM business areas[16] - IM Pharma Services revenue increased by 67% from 2021, with over 85 partners and more than 140 active studies utilizing immune receptor data[19] - The company aims for revenue growth at a compound annual growth rate of 20% to 30% through 2027[16] clonoSEQ Performance - clonoSEQ test volume grew by 51% to 36,871 tests delivered, with unique patients tested increasing by 53% to over 33,000[17] - clonoSEQ has received Medicare coverage for over 245 million covered lives for ALL and MM, over 190 million for CLL, and over 70 million for DLBCL[24] - clonoSEQ testing has been ordered for over 33,000 unique patients and is utilized by more than 60 biopharmaceutical companies in 187 active clinical trials, representing approximately 21% penetration in lymphoid cancers[24] Market Opportunities - The estimated global market opportunity for the immune medicine portfolio is approximately $49 billion, including $5 billion for MRD and $44 billion for IM[15] - The company aims to deepen penetration of clonoSEQ by increasing blood-based testing and expanding into new patient populations within NHL, starting with DLBCL[25] Financial Outlook - The company expects positive adjusted EBITDA by the end of 2025 and cash flow breakeven by the end of 2026[16] - The company has $498.2 million in cash, cash equivalents, and marketable securities as of December 31, 2022, with a goal of achieving positive adjusted EBITDA by the end of 2025[42] Partnerships and Collaborations - The partnership with Genentech has advanced TCR cellular therapies in oncology, with three TCR fully characterized data packages delivered[19] - The partnership with Genentech aims to develop TCR therapeutics for oncology, with progress made on both shared and personalized product pathways[41] - The company has transferred clonoSEQ technology to seven labs across multiple countries, including France, Germany, and Japan, to provide local testing options[66] Technology and Innovation - The clonoSEQ assay is the first and only MRD test to receive Medicare coverage for DLBCL patients[17] - The MIRA technology allows for the identification of TCRs specific to thousands of antigens simultaneously, significantly enhancing sensitivity compared to standard techniques[58] - The company has identified and characterized over 5,000 unique antigen-specific TCRs against 600 different clinically relevant targets, forming a pipeline of potential clinical candidates[60] Regulatory and Compliance - The company holds necessary federal and state licenses, including CLIA certification, to operate clinical laboratories[136] - The company must comply with various federal, state, and local regulations regarding the handling and disposal of medical waste, which adds complexity to operations[148] - The company’s compliance program is designed to prevent and detect violations of law, incorporating principles from the AdvaMed Code of Ethics and HHS OIG guidelines[154] Employee and Corporate Culture - The entrepreneurial and data-driven corporate culture includes a team of 147 professionals with medical or doctoral degrees, enhancing the company's capabilities in drug discovery and commercialization[45] - As of December 31, 2022, the company had 790 full-time employees, with 147 holding medical or doctoral degrees[99] Intellectual Property - The company has filed 799 patent applications, with 470 issued, covering improvements in sequencing methods and adaptive immune receptor applications[44] - The intellectual property portfolio includes 799 patent applications filed worldwide since 2009 and 429 issued patents across the immune medicine platform[113] Clinical Trials and Studies - A retrospective cohort analysis showed that MRD status influenced treatment decisions for 67 out of 400 newly diagnosed myeloma patients, indicating the potential for MRD to modify treatment[27] - The Watch Registry, a clinical registry launched in 2020, aims to enroll approximately 500 patients with lymphoid malignancies, with over 400 patients enrolled to date[66] Financial Agreements - The company received a $300 million upfront payment from Genentech and may receive up to $1.8 billion in total, including milestone payments[104] - Under the Revenue Interest Purchase Agreement, the company received $124.4 million in September 2022 and may receive up to an additional $125 million by September 2025[108]

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Karina Calzadilla - Head, IR Chad Robins - Co-Founder, CEO Tycho Peterson - CFO Harlan Robins - Chief Scientific Officer Nitin Sood - Head of MRD Sharon Benzeno - Head, Immune Medicine Conference Call Participants David Westenberg - Piper Sandler Operator Good day, and thank you for standing by. Welcome to the Adaptive Biotechnologies Third Quarter Financial Results Conference ...

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Q2 2022 Results Conference Call August 3, 2022 4:30 PM ET Company Participants Karina Calzadilla - Head, IR Chad Robins - Co-Founder, CEO Tycho Peterson - CFO Nitin Sood - CCO, MRD Sharon Benzeno - Head, Immune Medicine Conference Call Participants Brian Weinstein - William Blair Daniel Brennan - Cowen & Company David Westenberg - Piper Sandler Derik De Bruin - Bank of America Elizabeth Webster - Goldman Sachs Mark Massaro - BTIG Yuko Oku - Morgan Stanley ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2022 was $38.6 million, a slight increase from $38.4 million in the same period last year [23][24] - Immune medicine revenue was $20.8 million, a 4% increase from the same period in 2021, while MRD revenue was $17.8 million, down 3% from the same period last year [24][25] - Net loss for Q1 2022 was $62.8 million, compared to a net loss of $40.6 million in Q1 2021 [27] Business Line Data and Key Metrics Changes - In the MRD business, clonoSEQ test volume grew by 45% year-over-year, with test deliveries increasing by 12% to 7,698 tests [9][11] - The immune medicine business generated approximately $21 million this quarter, with revenue from pharma partners using immunoSEQ and data from the TCR antigen map growing by 100% year-over-year [10][24] - The MRD business saw significant growth in ordering healthcare providers (53%) and unique patients tested (59%) compared to the prior year [11] Market Data and Key Metrics Changes - The community setting for MRD testing experienced growth of over 60% during the quarter [12] - The immune medicine business is expected to expand into multiple therapeutic areas beyond COVID, with new collaborations such as mapping T-cell responses to RSV for Johnson & Johnson's vaccine program [10][18] Company Strategy and Development Direction - The company has restructured its business to focus on two main areas: MRD and immune medicine, aiming for a more streamlined organization to fuel growth [7][8] - The strategy includes expanding into non-Hodgkin's lymphoma using ctDNA and enhancing customer experience through integration of clonoSEQ into ordering systems [12][19] - The company aims to launch at least one autoimmune indication by the end of 2023, focusing on high unmet needs in diseases like MS and Crohn's [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the importance of achieving cash flow neutrality and is taking proactive steps to manage expenses while exploring non-dilutive cash flow opportunities [38][39] - The company is confident in achieving its full-year revenue guidance of $185 million to $195 million, with both MRD and immune medicine businesses contributing approximately equally [27][29] Other Important Information - Total operating expenses for Q1 2022 were $101.7 million, a 28% increase from the same quarter last year, driven by higher personnel costs and restructuring activities [25][26] - The company is on track to manage operating expenses to grow at lower rates than revenue due to restructuring efforts [28] Q&A Session Summary Question: Growth rate and factors affecting it - Management explained that the flat growth was impacted by lower MRD milestones and changes in Genentech amortization, which compressed growth figures [33] Question: Path to profitability - Management emphasized the importance of cash flow neutrality and proactive steps taken to manage expenses, with a clearer long-term plan expected later in the year [38] Question: Genentech private product specifications - Management detailed ongoing work to define specifications through successful proof-of-concept screens and additional patient studies [41] Question: Visibility in the field and access for sales reps - Management noted that in-person meetings are improving, with a current trend of 60% virtual visits [45] Question: Prioritization of autoimmune disease portfolio - Management clarified that MS and Crohn's are prioritized due to advanced signals and high unmet needs, while RA is further behind in sample collection [47] Question: ASP for clonoSEQ - Management indicated steady ASP growth for clonoSEQ, expecting it to reach $1,200 to $1,300 in the next two to three years [55] Question: Cash burn and future expectations - Management acknowledged higher cash burn in Q1 due to restructuring timing and seasonal factors, with expectations of reduced cash burn in the following quarters [57] Question: NHL assay commercialization timeline - Management confirmed plans to launch the NHL assay later this year, with ongoing validation and a clinical experience program already underway [59][60]