0001478320False00014783202024-11-072024-11-07

 

 

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): November 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 November 7, 2024, Adaptive Biotechnologies Corporation (the “Company”) issued a press release regarding the Company’s financial results for the quarter ended September 30, 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 November 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: November 7, 2024

By:

/s/ Kyle Piskel

Kyle Piskel

Chief Financial Officer

 

 


EXHIBIT 99.1

img119828894_0.jpg

Adaptive Biotechnologies Reports Third Quarter 2024 Financial Results

 

 

SEATTLE, Nov. 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 September 30, 2024.

 

“Our focus on execution and disciplined capital allocation are driving MRD growth with a clear path to profitability while we continue to advance our targeted Immune Medicine programs,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “The increased clonoSEQ® Medicare Gapfill rate and the extension of coverage to Mantle Cell Lymphoma underscore clonoSEQ’s value to patients. I look forward to a strong finish to the year and continued progress toward our strategic goals.”

Recent Highlights

Revenue for the third quarter of 2024 was $46.4 million. The MRD business, which contributed 81% of revenue, grew 52% versus the third quarter of 2023.
clonoSEQ test volume in the third quarter of 2024 grew 30% to 19,600 tests delivered versus the third quarter of 2023.
Obtained updated Medicare Clinical Laboratory Fee Schedule (CLFS) Gapfill Determination for clonoSEQ of $2,007 per test, a 17% increase from the previous implied rate under the episode structure.
Received expanded Medicare coverage of clonoSEQ for assessing measurable residual disease in Mantle Cell Lymphoma.
Recognized $5.0 million in MRD pharma regulatory milestone revenue.
Updated full year guidance to reflect an increase to the bottom end of the previous MRD revenue range, a decrease in operating spend and a reduction in annual cash burn.

Third Quarter 2024 Financial Results

Revenue was $46.4 million for the quarter ended September 30, 2024, representing a 22% increase from the third quarter in the prior year. MRD revenue was $37.5 million for the quarter, representing a 52% increase from the third quarter in the prior year. Immune Medicine revenue was $9.0 million for the quarter, representing a 32% decrease from the third quarter in the prior year.

Operating expenses for the third quarter of 2024 were $79.1 million, compared to $88.9 million in the third quarter of the prior year, representing a decrease of 11%. MRD operating expenses for the third quarter of 2024 were $52.5 million, representing a 6% decrease from the third quarter in the prior year. Immune Medicine operating expenses for the third quarter of 2024 were $20.7 million, representing a 22% decrease from the third quarter in the prior year.

Interest and other income, net was $3.5 million for the third quarter of 2024, compared to $4.3 million in the third quarter of the prior year. Interest expense from our revenue interest purchase agreement was $2.9 million in the third quarter of 2024, compared to $3.7 million in the third quarter of the prior year.


Net loss was $32.1 million for the third quarter of 2024, compared to $50.3 million for the same period in 2023.

Adjusted EBITDA (non-GAAP) was a loss of $14.3 million for the third quarter of 2024, compared to a loss of $29.8 million for the third quarter of the prior year. MRD Adjusted EBITDA (non-GAAP) was a loss of $6.1 million for the quarter, compared to a loss of $21.6 million for the third quarter of the prior year. Immune Medicine Adjusted EBITDA (non-GAAP) was a loss of $5.2 million for the quarter, compared to a loss of $5.0 million for the third quarter of the prior year.

Cash, cash equivalents and marketable securities was $267.2 million as of September 30, 2024.

2024 Updated Financial Guidance

Adaptive Biotechnologies expects full year revenue for the MRD business to be between $143 million and $145 million, updated from the previous range between $140 million and $145 million. No revenue guidance is provided for the Immune Medicine business.

We expect full year total company operating expenses, including cost of revenue and excluding one-time costs from asset impairments and other restructuring charges, to be between $335 million and $340 million, updated from the previous range between $340 million and $350 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 third quarter 2024 financial results after market close on Thursday, November 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 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 measure, 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, including segment 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;
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

206-279-2423
media@adaptivebiotech.com 

 


 

Adaptive Biotechnologies

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

$

46,435

 

 

$

37,919

 

 

$

131,498

 

 

$

124,492

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

16,667

 

 

 

19,346

 

 

 

54,035

 

 

 

55,937

 

Research and development

 

 

24,163

 

 

 

28,533

 

 

 

79,761

 

 

 

93,371

 

Sales and marketing

 

 

20,551

 

 

 

20,493

 

 

 

63,184

 

 

 

66,673

 

General and administrative

 

 

17,258

 

 

 

20,075

 

 

 

54,750

 

 

 

63,208

 

Amortization of intangible assets

 

 

428

 

 

 

428

 

 

 

1,275

 

 

 

1,270

 

Impairment of long-lived assets

 

 

 

 

 

 

 

 

7,205

 

 

 

 

Total operating expenses

 

 

79,067

 

 

 

88,875

 

 

 

260,210

 

 

 

280,459

 

Loss from operations

 

 

(32,632

)

 

 

(50,956

)

 

 

(128,712

)

 

 

(155,967

)

Interest and other income, net

 

 

3,474

 

 

 

4,282

 

 

 

11,462

 

 

 

10,918

 

Interest expense

 

 

(2,939

)

 

 

(3,652

)

 

 

(8,628

)

 

 

(10,788

)

Net loss

 

 

(32,097

)

 

 

(50,326

)

 

 

(125,878

)

 

 

(155,837

)

Add: Net loss attributable to noncontrolling interest

 

 

26

 

 

 

26

 

 

 

78

 

 

 

28

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

$

(32,071

)

 

$

(50,300

)

 

$

(125,800

)

 

$

(155,809

)

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

 

$

(0.22

)

 

$

(0.35

)

 

$

(0.86

)

 

$

(1.08

)

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

 

 

147,516,398

 

 

 

144,704,868

 

 

 

146,908,234

 

 

 

144,208,940

 

 

 


 

Adaptive Biotechnologies

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

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

38,084

 

 

$

65,064

 

Short-term marketable securities (amortized cost of $204,757 and $281,122, respectively)

 

 

205,245

 

 

 

281,337

 

Accounts receivable, net

 

 

40,814

 

 

 

37,969

 

Inventory

 

 

11,955

 

 

 

14,448

 

Prepaid expenses and other current assets

 

 

12,247

 

 

 

11,370

 

Total current assets

 

 

308,345

 

 

 

410,188

 

Long-term assets

 

 

 

 

 

 

Property and equipment, net

 

 

51,314

 

 

 

68,227

 

Operating lease right-of-use assets

 

 

46,530

 

 

 

52,096

 

Long-term marketable securities (amortized cost of $23,857)

 

 

23,866

 

 

 

 

Restricted cash

 

 

2,978

 

 

 

2,932

 

Intangible assets, net

 

 

3,853

 

 

 

5,128

 

Goodwill

 

 

118,972

 

 

 

118,972

 

Other assets

 

 

2,648

 

 

 

3,591

 

Total assets

 

$

558,506

 

 

$

661,134

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

7,351

 

 

$

7,719

 

Accrued liabilities

 

 

6,062

 

 

 

8,597

 

Accrued compensation and benefits

 

 

12,337

 

 

 

13,685

 

Current portion of operating lease liabilities

 

 

10,021

 

 

 

9,384

 

Current portion of deferred revenue

 

 

51,856

 

 

 

48,630

 

Total current liabilities

 

 

87,627

 

 

 

88,015

 

Long-term liabilities

 

 

 

 

 

 

Operating lease liabilities, less current portion

 

 

81,804

 

 

 

89,388

 

Deferred revenue, less current portion

 

 

32,781

 

 

 

44,793

 

Revenue interest liability, net

 

 

132,700

 

 

 

130,660

 

Other long-term liabilities

 

 

20

 

 

 

 

Total liabilities

 

 

334,932

 

 

 

352,856

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

Preferred stock: $0.0001 par value, 10,000,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued and outstanding at September 30, 2024 and December 31, 2023

 

 

 

 

 

 

Common stock: $0.0001 par value, 340,000,000 shares authorized at September 30, 2024 and December 31, 2023; 147,561,586 and 145,082,271 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

14

 

 

 

14

 

Additional paid-in capital

 

 

1,493,394

 

 

 

1,452,502

 

Accumulated other comprehensive gain

 

 

497

 

 

 

215

 

Accumulated deficit

 

 

(1,270,132

)

 

 

(1,144,332

)

Total Adaptive Biotechnologies Corporation shareholders’ equity

 

 

223,773

 

 

 

308,399

 

Noncontrolling interest

 

 

(199

)

 

 

(121

)

Total shareholders’ equity

 

 

223,574

 

 

 

308,278

 

Total liabilities and shareholders’ equity

 

$

558,506

 

 

$

661,134

 

 

 


 

Adjusted EBITDA

The following is a reconciliation of net loss attributable to Adaptive Biotechnologies Corporation, the most directly comparable GAAP financial measure, to Adjusted EBITDA for the periods presented (in thousands, unaudited):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

$

(32,071

)

 

$

(50,300

)

 

$

(125,800

)

 

$

(155,809

)

Interest and other income, net

 

 

(3,474

)

 

 

(4,282

)

 

 

(11,462

)

 

 

(10,918

)

Interest expense

 

 

2,939

 

 

 

3,652

 

 

 

8,628

 

 

 

10,788

 

Depreciation and amortization expense

 

 

4,591

 

 

 

5,763

 

 

 

14,808

 

 

 

16,839

 

Impairment of long-lived assets

 

 

 

 

 

 

 

 

7,205

 

 

 

 

Restructuring expense

 

 

193

 

 

 

 

 

 

1,917

 

 

 

 

Share-based compensation expense

 

 

13,522

 

 

 

15,336

 

 

 

40,778

 

 

 

47,352

 

Adjusted EBITDA

 

$

(14,300

)

 

$

(29,831

)

 

$

(63,926

)

 

$

(91,748

)

 

 


 

Segment Information (Including Segment Adjusted EBITDA)

The following tables set forth our segment information for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands, unaudited):

 

 

Three Months Ended September 30, 2024

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

37,470

 

 

$

8,965

 

 

$

 

 

$

46,435

 

Operating expenses

 

 

52,538

 

 

 

20,689

 

 

 

5,840

 

 

 

79,067

 

Adjusted EBITDA

 

 

(6,120

)

 

 

(5,212

)

 

 

(2,968

)

 

 

(14,300

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(15,068

)

 

$

(11,724

)

 

$

(5,305

)

 

$

(32,097

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

26

 

 

 

26

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(15,068

)

 

 

(11,724

)

 

 

(5,279

)

 

 

(32,071

)

Interest and other income, net

 

 

 

 

 

 

 

 

(3,474

)

 

 

(3,474

)

Interest expense

 

 

 

 

 

 

 

 

2,939

 

 

 

2,939

 

Depreciation and amortization expense

 

 

2,428

 

 

 

1,728

 

 

 

435

 

 

 

4,591

 

Restructuring expense

 

 

167

 

 

 

26

 

 

 

 

 

 

193

 

Share-based compensation expense

 

 

6,353

 

 

 

4,758

 

 

 

2,411

 

 

 

13,522

 

Adjusted EBITDA

 

$

(6,120

)

 

$

(5,212

)

 

$

(2,968

)

 

$

(14,300

)

 

 

 

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

)

 

 

 

Nine Months Ended September 30, 2024

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

105,380

 

 

$

26,118

 

 

$

 

 

$

131,498

 

Operating expenses

 

 

170,785

 

 

 

70,663

 

 

 

18,762

 

 

 

260,210

 

Adjusted EBITDA

 

 

(34,668

)

 

 

(19,172

)

 

 

(10,086

)

 

 

(63,926

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(65,405

)

 

$

(44,545

)

 

$

(15,928

)

 

$

(125,878

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

78

 

 

 

78

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(65,405

)

 

 

(44,545

)

 

 

(15,850

)

 

 

(125,800

)

Interest and other income, net

 

 

 

 

 

 

 

 

(11,462

)

 

 

(11,462

)

Interest expense

 

 

 

 

 

 

 

 

8,628

 

 

 

8,628

 

Depreciation and amortization expense

 

 

7,733

 

 

 

5,777

 

 

 

1,298

 

 

 

14,808

 

Impairment of long-lived assets

 

 

2,819

 

 

 

4,386

 

 

 

 

 

 

7,205

 

Restructuring expense

 

 

1,195

 

 

 

722

 

 

 

 

 

 

1,917

 

Share-based compensation expense

 

 

18,990

 

 

 

14,488

 

 

 

7,300

 

 

 

40,778

 

Adjusted EBITDA

 

$

(34,668

)

 

$

(19,172

)

 

$

(10,086

)

 

$

(63,926

)

 

 


 

 

 

Nine Months Ended September 30, 2023

 

 

 

MRD

 

 

Immune Medicine

 

 

Unallocated Corporate

 

 

Total

 

Revenue

 

$

71,977

 

 

$

52,515

 

 

$

 

 

$

124,492

 

Operating expenses

 

 

170,946

 

 

 

88,753

 

 

 

20,760

 

 

 

280,459

 

Adjusted EBITDA

 

 

(71,081

)

 

 

(11,149

)

 

 

(9,518

)

 

 

(91,748

)

Reconciliation of Net Loss to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(98,969

)

 

$

(36,236

)

 

$

(20,632

)

 

$

(155,837

)

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

28

 

 

 

28

 

Net loss attributable to Adaptive Biotechnologies Corporation

 

 

(98,969

)

 

 

(36,236

)

 

 

(20,604

)

 

 

(155,809

)

Interest and other income, net

 

 

 

 

 

 

 

 

(10,918

)

 

 

(10,918

)

Interest expense

 

 

 

 

 

 

 

 

10,788

 

 

 

10,788

 

Depreciation and amortization expense

 

 

6,812

 

 

 

7,907

 

 

 

2,120

 

 

 

16,839

 

Share-based compensation expense

 

 

21,076

 

 

 

17,180

 

 

 

9,096

 

 

 

47,352

 

Adjusted EBITDA

 

$

(71,081

)

 

$

(11,149

)

 

$

(9,518

)

 

$

(91,748

)

 

 


v3.24.3
Document and Entity Information
Nov. 07, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 07, 2024
Entity Registrant Name ADAPTIVE BIOTECHNOLOGIES CORPORATION
Entity Central Index Key 0001478320
Entity Incorporation, State or Country Code WA
Entity File Number 001-38957
Entity Tax Identification Number 27-0907024
Entity Address, Address Line One 1165 Eastlake Avenue East
Entity Address, City or Town Seattle
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98109
City Area Code (206)
Local Phone Number 659-0067
Entity Information, Former Legal or Registered Name Not Applicable
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.0001 per share
Trading Symbol ADPT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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