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 June 30, 2023.
“We had another strong quarter with clonoSEQ test volume growth
of 52% versus prior year and the first FDA IND acceptance in cancer
cell therapy from our collaboration with Genentech,” said Chad
Robins, chief executive officer and co-founder of Adaptive
Biotechnologies. “We are encouraged by the progress year to date in
both MRD and Immune Medicine businesses and we remain committed to
driving operational efficiencies across the company while
supporting sustainable growth.”
Recent Highlights
- Revenue of $48.9
million for the second quarter 2023, representing 12% growth from
$43.7 million in the second quarter 2022.
- clonoSEQ test volume
in the second quarter 2023 grew 52% to 13,665 tests delivered
versus the second quarter of prior year.
- Announced FDA's
acceptance of an investigational new drug (IND) application by
Genentech for the first T-cell receptor (TCR) based therapeutic
product candidate in oncology. This T-cell therapy product
candidate contains a neoantigen-specific T-cell receptor identified
and characterized using Adaptive's TCR discovery platform.
- Continued to drive
operating efficiencies as reflected by a 5% decrease in operating
expenses, excluding cost of revenue, for the second quarter 2023
versus the same period last year.
Executive Team Update
Announced the departure of Nitin Sood, Chief Commercial Officer
of the MRD business, who will be pursuing a new opportunity outside
of the company. Given the deep bench of talent at Adaptive, and the
solid foundation and focused strategy of our MRD business, Mr.
Sood's position will not be replaced. Susan Bobulsky, who has led
the clinical business for the past five years, will assume
additional responsibilities and report directly to Chad Robins.
Second Quarter 2023 Financial
Results
Revenue was $48.9 million for the quarter ended June 30, 2023,
representing a 12% increase from the second quarter in the prior
year. Immune Medicine revenue was $23.0 million for the quarter,
representing a 3% increase from the second quarter in the prior
year. MRD revenue was $25.9 million for the quarter, representing a
22% increase from the second quarter in the prior year.
Operating expenses were $96.7 million for the second quarter of
2023, compared to $96.2 million in the second quarter of the prior
year, representing an increase of less than 1%. Interest expense
from our revenue interest purchase agreement was $3.6 million in
the second quarter of 2023.
Net loss was $47.8 million for the second quarter of 2023,
compared to $52.1 million for the same period in 2022.
Adjusted EBITDA (non-GAAP) was a loss of $24.8 million for the
second quarter of 2023, compared to a loss of $33.1 million for the
second quarter of the prior year.
Cash, cash equivalents and marketable securities was $417.2
million as of June 30, 2023.
2023 Financial Guidance
Adaptive Biotechnologies reiterates full year 2023 revenue to be
in the range of $205 million to $215 million. We continue to expect
operating expenses, including cost of revenue, to be below full
year 2022 operating expenses of $385.5 million.
Webcast and Conference Call
Information
Adaptive Biotechnologies will host a conference call to discuss
its second quarter 2023 financial results after market close on
Wednesday, August 2, 2023 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, restructuring expense and
share-based compensation expense. We have provided a reconciliation
of net loss attributable to Adaptive Biotechnologies Corporation,
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;
- 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; 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 March 2022
restructuring and reduction 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 INVESTORSKarina Calzadilla, Vice
President, Investor
Relations201-396-1687investors@adaptivebiotech.com
ADAPTIVE MEDIAErica Jones, Associate Corporate
Communications Director206-279-2423media@adaptivebiotech.com
|
Adaptive Biotechnologies |
Condensed Consolidated Statements of Operations |
(in thousands, except share and per share amounts) |
(unaudited) |
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
$ |
48,926 |
|
|
$ |
43,660 |
|
|
$ |
86,573 |
|
|
$ |
82,280 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
17,910 |
|
|
|
13,221 |
|
|
|
36,591 |
|
|
|
26,413 |
|
Research and development |
|
32,237 |
|
|
|
37,037 |
|
|
|
64,838 |
|
|
|
74,876 |
|
Sales and marketing |
|
23,872 |
|
|
|
24,281 |
|
|
|
46,180 |
|
|
|
50,374 |
|
General and administrative |
|
22,302 |
|
|
|
21,200 |
|
|
|
43,133 |
|
|
|
45,344 |
|
Amortization of intangible assets |
|
423 |
|
|
|
423 |
|
|
|
842 |
|
|
|
842 |
|
Total operating expenses |
|
96,744 |
|
|
|
96,162 |
|
|
|
191,584 |
|
|
|
197,849 |
|
Loss from operations |
|
(47,818 |
) |
|
|
(52,502 |
) |
|
|
(105,011 |
) |
|
|
(115,569 |
) |
Interest and other income,
net |
|
3,612 |
|
|
|
418 |
|
|
|
6,636 |
|
|
|
689 |
|
Interest expense |
|
(3,605 |
) |
|
|
— |
|
|
|
(7,136 |
) |
|
|
— |
|
Net loss |
|
(47,811 |
) |
|
|
(52,084 |
) |
|
|
(105,511 |
) |
|
|
(114,880 |
) |
Add: Net loss attributable to noncontrolling interest |
|
1 |
|
|
|
38 |
|
|
|
2 |
|
|
|
98 |
|
Net loss attributable to Adaptive
Biotechnologies Corporation |
$ |
(47,810 |
) |
|
$ |
(52,046 |
) |
|
$ |
(105,509 |
) |
|
$ |
(114,782 |
) |
Net loss per share attributable
to Adaptive Biotechnologies Corporation common shareholders, basic
and diluted |
$ |
(0.33 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.81 |
) |
Weighted-average shares used in
computing net loss per share attributable to Adaptive
Biotechnologies Corporation common shareholders, basic and
diluted |
|
144,397,693 |
|
|
|
142,363,589 |
|
|
|
143,956,867 |
|
|
|
142,032,261 |
|
|
Adaptive Biotechnologies |
Condensed Consolidated Balance Sheets |
(in thousands, except share and per share amounts) |
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
109,240 |
|
|
$ |
90,030 |
|
Short-term marketable securities (amortized cost of $308,885 and
$412,282, respectively) |
|
307,990 |
|
|
|
408,166 |
|
Accounts receivable, net |
|
31,545 |
|
|
|
40,057 |
|
Inventory |
|
18,960 |
|
|
|
14,453 |
|
Prepaid expenses and other current assets |
|
9,074 |
|
|
|
9,440 |
|
Total current assets |
|
476,809 |
|
|
|
562,146 |
|
Long-term assets |
|
|
|
|
|
Property and equipment, net |
|
79,390 |
|
|
|
83,447 |
|
Operating lease right-of-use assets |
|
77,109 |
|
|
|
80,763 |
|
Restricted cash |
|
2,923 |
|
|
|
2,398 |
|
Intangible assets, net |
|
5,985 |
|
|
|
6,827 |
|
Goodwill |
|
118,972 |
|
|
|
118,972 |
|
Other assets |
|
3,352 |
|
|
|
2,064 |
|
Total assets |
$ |
764,540 |
|
|
$ |
856,617 |
|
Liabilities and
shareholders’ equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
9,163 |
|
|
$ |
8,084 |
|
Accrued liabilities |
|
8,356 |
|
|
|
12,424 |
|
Accrued compensation and benefits |
|
10,554 |
|
|
|
15,935 |
|
Current portion of operating lease liabilities |
|
9,345 |
|
|
|
9,230 |
|
Current portion of deferred revenue |
|
57,917 |
|
|
|
64,115 |
|
Total current liabilities |
|
95,335 |
|
|
|
109,788 |
|
Long-term liabilities |
|
|
|
|
|
Operating lease liabilities, less current portion |
|
94,176 |
|
|
|
98,772 |
|
Deferred revenue, less current portion |
|
50,895 |
|
|
|
58,599 |
|
Revenue interest liability, net |
|
128,167 |
|
|
|
125,360 |
|
Total liabilities |
|
368,573 |
|
|
|
392,519 |
|
Commitments and
contingencies |
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
Preferred stock: $0.0001 par value, 10,000,000 shares authorized at
June 30, 2023 and December 31, 2022; no shares issued and
outstanding at June 30, 2023 and December 31, 2022 |
|
— |
|
|
|
— |
|
Common stock: $0.0001 par value, 340,000,000 shares authorized at
June 30, 2023 and December 31, 2022; 144,645,118 and 143,105,002
shares issued and outstanding at June 30, 2023 and December 31,
2022, respectively |
|
14 |
|
|
|
14 |
|
Additional paid-in capital |
|
1,421,506 |
|
|
|
1,387,349 |
|
Accumulated other comprehensive loss |
|
(893 |
) |
|
|
(4,116 |
) |
Accumulated deficit |
|
(1,024,591 |
) |
|
|
(919,082 |
) |
Total Adaptive Biotechnologies Corporation shareholders’
equity |
|
396,036 |
|
|
|
464,165 |
|
Noncontrolling interest |
|
(69 |
) |
|
|
(67 |
) |
Total shareholders’ equity |
|
395,967 |
|
|
|
464,098 |
|
Total liabilities and shareholders’ equity |
$ |
764,540 |
|
|
$ |
856,617 |
|
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 June 30, |
|
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss attributable to Adaptive Biotechnologies Corporation |
$ |
(47,810 |
) |
|
$ |
(52,046 |
) |
|
$ |
(105,509 |
) |
|
$ |
(114,782 |
) |
Interest and other income,
net |
|
(3,612 |
) |
|
|
(418 |
) |
|
|
(6,636 |
) |
|
|
(689 |
) |
Interest expense |
|
3,605 |
|
|
|
— |
|
|
|
7,136 |
|
|
|
— |
|
Depreciation and amortization
expense |
|
5,653 |
|
|
|
5,195 |
|
|
|
11,076 |
|
|
|
10,251 |
|
Restructuring expense |
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
2,023 |
|
Share-based compensation
expense |
|
17,345 |
|
|
|
14,180 |
|
|
|
32,016 |
|
|
|
27,041 |
|
Adjusted EBITDA |
$ |
(24,819 |
) |
|
$ |
(33,078 |
) |
|
$ |
(61,917 |
) |
|
$ |
(76,156 |
) |
Adaptive Biotechnologies (NASDAQ:ADPT)
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