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Adaptive Biotechnologies(ADPT) - 2025 Q2 - Quarterly Results

Q2 2025 Financial and Operational Highlights Second Quarter 2025 Financial Performance Adaptive Biotechnologies reported strong Q2 2025 results, with total revenue up 36% to $58.9 million, driven by MRD segment growth and profitability Financial Metric | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $58.9 million | $43.2 million | +36% | | Net Loss | $25.6 million | $46.2 million | Improved by 45% | | Adjusted EBITDA (non-GAAP) | ($7.2 million) | ($21.4 million) | Improved by 66% | Revenue Segment | Revenue Segment | Q2 2025 Revenue | YoY Growth | | :--- | :--- | :--- | | MRD | $49.9 million | +42% | | Immune Medicine | $8.9 million | +13% | - The Minimal Residual Disease (MRD) business segment achieved profitability in Q2 2025, reporting an Adjusted EBITDA of $1.9 million5 - Operating expenses decreased by 7% to $83.9 million in Q2 2025 from $90.5 million in Q2 2024, with only a 1% increase excluding a prior year impairment charge6 Key Operational Achievements Operational achievements include a 37% increase in clonoSEQ test volume and strategic integration into Flatiron's OncoEMR - clonoSEQ test volume grew 37% to 25,321 tests delivered compared to Q2 20245 - Strategic partnerships advanced with the launch and integration of clonoSEQ into Flatiron's OncoEMR, a leading electronic medical record platform for community oncology5 - The company recognized $5.5 million in MRD pharma regulatory milestone revenue during the quarter5 Updated 2025 Financial Guidance Updated 2025 guidance reflects raised MRD revenue expectations and a lowered total company cash burn forecast Guidance Metric | Guidance Metric | Previous 2025 Range | Updated 2025 Range | | :--- | :--- | :--- | | MRD Business Revenue | $180M - $190M | $190M - $200M | | Total Company Cash Burn | $50M - $60M | $45M - $55M | - Full-year total company operating expenses, including the cost of revenue, are expected to be between $335 million and $345 million9 - No revenue guidance is provided for the Immune Medicine business9 Financial Statements Condensed Consolidated Statements of Operations Q2 2025 statements show increased revenue and reduced operational and net losses, driven by growth and expense control Condensed Consolidated Statements of Operations (in thousands) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $58,879 | $43,190 | | Total operating expenses | $83,915 | $90,508 | | Loss from operations | ($25,036) | ($47,318) | | Net loss | ($25,593) | ($46,248) | | Net loss per share | ($0.17) | ($0.31) | Condensed Consolidated Balance Sheets The June 30, 2025 balance sheet shows $222.0 million in cash and equivalents, with total assets decreasing from operational cash usage Condensed Consolidated Balance Sheets (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents & marketable securities | $221,973 | $255,954 | | Total current assets | $261,856 | $283,752 | | Total assets | $496,637 | $539,376 | | Total liabilities | $317,101 | $336,891 | | Total shareholders' equity | $179,536 | $202,485 | Non-GAAP Financial Measures and Segment Information Reconciliation of Net Loss to Adjusted EBITDA Q2 2025 Adjusted EBITDA loss improved to $7.2 million, reflecting higher revenue and lower operating expenses post non-cash adjustments Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Reconciliation (in thousands) | Three Months Ended June 30, 2025 | | :--- | :--- | | Net loss attributable to Adaptive | ($25,614) | | Interest and other income, net | ($2,391) | | Interest expense | $2,948 | | Depreciation and amortization expense | $4,502 | | Share-based compensation expense | $13,359 | | Adjusted EBITDA | ($7,196) | Segment Performance Segment data shows robust MRD growth with 42% revenue increase and positive Adjusted EBITDA, while Immune Medicine had modest growth and improved loss Segment Performance (in thousands) | Segment Performance (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | MRD Revenue | $49,938 | $35,284 | | MRD Adjusted EBITDA | $1,912 | ($11,289) | | Immune Medicine Revenue | $8,941 | $7,906 | | Immune Medicine Adjusted EBITDA | ($6,069) | ($7,033) | - The MRD segment's Adjusted EBITDA turned positive in Q2 2025, marking a significant milestone towards profitability25