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SEATTLE, August 3, 2022 (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 June 30, 2022.

“We are pleased to deliver another strong quarter across both the MRD and Immune Medicine businesses,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “I am encouraged by the MRD business momentum as more clinical data and reimbursement decisions continue to drive clonoSEQ adoption. In parallel, data emerging from our immune medicine platform has led to growing interest from pharma partners that will drive revenue and may accelerate diagnostic use cases and potential drug discovery opportunities.”

Revenue was $43.7 million for the quarter ended June 30, 2022, representing a 13% increase from the second quarter in the prior year. Immune Medicine revenue was $22.4 million for the quarter, representing a 3% decrease from the second quarter in the prior year. MRD revenue was $21.3 million for the quarter, representing a 38% increase from the second quarter in the prior year.

Operating expenses were $96.2 million for the second quarter of 2022, compared to $88.3 million in the second quarter of the prior year, representing an increase of 9%.

Net loss was $52.1 million for the second quarter of 2022, compared to $49.3 million for the same period in 2021.

Cash, cash equivalents and marketable securities was $450.7 million as of June 30, 2022.

Adaptive Biotechnologies reiterates full year 2022 revenue to be in the range of $185 million to $195 million.

We now expect full year 2022 operating expenses to be between $410 million and $415 million compared to the previous expectation of $425 million to $435 million.

Adaptive Biotechnologies will host a conference call to discuss its second quarter 2022 financial results after market close on Wednesday, August 3, 2022 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.

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 to develop products in life sciences research, clinical diagnostics and drug discovery. We have commercial products and a robust clinical pipeline to diagnose, monitor and enable the 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.

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.

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Revenue	$	43,660		$	38,505		$	82,280		$	76,947
Operating expenses
Cost of revenue		13,221			10,765			26,413			20,756
Research and development		37,037			37,800			74,876			71,572
Sales and marketing		24,281			23,216			50,374			43,820
General and administrative		21,200			16,066			45,344			31,002
Amortization of intangible assets		423			423			842			842
Total operating expenses		96,162			88,270			197,849			167,992
Loss from operations		(52,502	)		(49,765	)		(115,569	)		(91,045	)
Interest and other income, net		418			464			689			1,102
Net loss		(52,084	)		(49,301	)		(114,880	)		(89,943	)
Add: Net loss attributable to noncontrolling interest		38			—			98			—
Net loss attributable to Adaptive Biotechnologies Corporation	$	(52,046	)	$	(49,301	)	$	(114,782	)	$	(89,943	)
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted	$	(0.37	)	$	(0.35	)	$	(0.81	)	$	(0.64	)
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted		142,363,589			140,359,317			142,032,261			139,667,380

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

	June 30, 2022			December 31, 2021
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	76,412		$	139,065
Short-term marketable securities (amortized cost of $310,999 and $214,115, respectively)		307,326			213,996
Accounts receivable, net		23,712			17,409
Inventory		18,778			19,263
Prepaid expenses and other current assets		12,347			13,015
Total current assets		438,575			402,748
Long-term assets
Property and equipment, net		86,852			85,262
Operating lease right-of-use assets		84,398			87,678
Long-term marketable securities (amortized cost of $69,055 and $218,163, respectively)		66,928			217,145
Restricted cash		2,446			2,138
Intangible assets, net		7,684			8,526
Goodwill		118,972			118,972
Other assets		778			875
Total assets	$	806,633		$	923,344
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	2,720		$	3,307
Accrued liabilities		9,447			9,343
Accrued compensation and benefits		9,772			15,642
Current portion of operating lease liabilities		8,615			5,055
Current portion of deferred revenue		80,914			80,460
Total current liabilities		111,468			113,807
Long-term liabilities
Operating lease liabilities, less current portion		102,727			106,685
Deferred revenue, less current portion		74,122			98,750
Total liabilities		288,317			319,242
Commitments and contingencies
Shareholders’ equity
Preferred stock: $0.0001 par value, 10,000,000 shares authorized at June 30, 2022 and December 31, 2021; no shares issued and outstanding at June 30, 2022 and December 31, 2021		—			—
Common stock: $0.0001 par value, 340,000,000 shares authorized at June 30, 2022 and December 31, 2021; 142,784,868 and 141,393,865 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively		14			14
Additional paid-in capital		1,357,763			1,324,006
Accumulated other comprehensive loss		(5,800	)		(1,137	)
Accumulated deficit		(833,673	)		(718,891	)
Total Adaptive Biotechnologies Corporation shareholders’ equity		518,304			603,992
Noncontrolling interest		12			110
Total shareholders’ equity		518,316			604,102
Total liabilities and shareholders’ equity	$	806,633		$	923,344