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Overview of Adaptive Biotechnologies (ADPT)
Adaptive Biotechnologies is a commercial-stage biotechnology organization that specializes in NGS-based immune diagnostics and innovative clinical solutions. Located in major biotech hubs in Seattle, Washington and South San Francisco, California, the company leverages high-throughput sequencing and state-of-the-art computational infrastructure to decode the complexities of the adaptive immune system. This robust platform allows for in-depth analysis of T-cell and B-cell repertoires, positioning the company as a pioneer in the field of minimal residual disease (MRD) assessment and immune medicine.
Core Business and Technological Innovation
At its core, Adaptive Biotechnologies is dedicated to transforming healthcare by decoding the genetic makeup of the adaptive immune response. Its breakthrough technology, which is both patent-pending and highly innovative, enables precise and comprehensive measurement of key immune markers. The company’s flagship clinical diagnostic product, clonoSEQ, serves as a powerful tool for detecting and monitoring MRD in lymphoid malignancies. This high sensitivity test supports not only clinical decision-making in oncology but also plays a significant role in the design and evaluation of new therapeutic regimes.
Business Segments and Revenue Model
Adaptive Biotechnologies operates across two principal business segments: Minimal Residual Disease (MRD) diagnostics and Immune Medicine. Each segment uses the company’s proprietary immune medicine platform to deliver critical insights into patient-specific immune responses. Revenue generation is primarily driven by the sale of clinical diagnostic services, laboratory-developed tests, and partnerships with biopharmaceutical firms involved in drug development and clinical trials. This dual model not only enhances the company’s strategic positioning in the biotech industry but also reinforces its commitment to personalized medicine and precision diagnostics.
Clinical Impact and Industry Significance
The importance of Adaptive’s technologies is underscored by its significant contributions to oncological and immunological diagnostics. The clonoSEQ test, for example, is widely recognized for its role in MRD testing across a variety of blood cancers including multiple myeloma, B-cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia. The ability to detect MRD with high precision allows oncologists to monitor treatment responses more effectively, assess the depth of remission, and make informed clinical decisions. Furthermore, the company’s integration with clinical trial methodologies underscores its role in advancing precision medicine and streamlining the development of new drugs.
Collaborations and Market Position
Recognizing the complexity and interdisciplinary nature of modern medicine, Adaptive Biotechnologies collaborates with numerous academic institutions, major biopharmaceutical companies, and clinical laboratories. These partnerships enhance its operational capabilities and drive innovation in immune-driven diagnostics. In the competitive landscape of diagnostic biotechnology, the company differentiates itself through its rigorous scientific approach, high standards of accuracy, and extensive research validation, as evidenced by a robust portfolio of peer-reviewed studies.
Company Culture and Expertise
Adaptive Biotechnologies is renowned for its culture of collaboration, transparency, and scientific excellence. The company’s workforce is comprised of top-tier scientists and highly skilled professionals who are passionate about driving meaningful advances in medical diagnostics. Emphasizing open communication and shared expertise, the organization fosters an environment where innovation thrives and every contribution is recognized as critical in the mission to improve patient outcomes.
Comprehensive Technological Platform
The cornerstone of Adaptive’s approach is its proprietary immune medicine platform, which integrates advanced sequencing techniques with sophisticated computational analytics. This platform not only supports clinical diagnostics but also accelerates research by providing detailed insights into the genetic diversity of the immune system. By systematically decoding immune responses, Adaptive enables healthcare professionals and researchers to better understand disease mechanisms, optimize therapeutic interventions, and develop novel diagnostic approaches that are tailored to individual patients.
Educational Resources and Industry Leadership
While the company’s innovative solutions are at the forefront of clinical diagnostics, Adaptive Biotechnologies also invests in educational initiatives that enhance the understanding of immune system genetics. Its extensive portfolio of scientific publications and clinical studies serves as a critical resource for clinicians, researchers, and investors alike. This commitment to education and transparency reinforces Adaptive’s role as an authoritative voice in the biotechnology community and supports ongoing advancements in immune medicine.
Conclusion
In summary, Adaptive Biotechnologies stands as a transformative force in the biotechnology and medical diagnostics space. Through its cutting-edge immune medicine platform and its pioneering diagnostic tools such as clonoSEQ, the company continues to redefine how clinicians approach the diagnosis and monitoring of complex diseases. Its strategic collaborations, coupled with a culture of scientific rigor and innovation, position Adaptive as a trusted and influential entity in the evolution of personalized, immune-driven healthcare solutions.
Adaptive Biotechnologies (ADPT) reported Q4 and full year 2024 financial results, showing mixed performance. Q4 revenue reached $47.5 million (+4% YoY), with MRD business contributing 85% of revenue and growing 31% YoY to $40.1 million. Full-year revenue was $179.0 million (+5% YoY), with MRD revenue up 42% to $145.5 million.
The company's clonoSEQ test volume increased 34% to 20,945 tests in Q4 2024, with 76,105 tests delivered in 2024 (+35% YoY). Medicare increased the Clinical Laboratory Fee Schedule rate for clonoSEQ by 17% to $2,007 per test.
Q4 net loss improved to $33.7 million from $69.5 million in Q4 2023. Full-year 2024 net loss was $159.6 million, compared to $225.3 million in 2023. Cash position stood at $256.0 million as of December 31, 2024.
For 2025, ADPT expects MRD business revenue between $175-185 million and total operating expenses of $340-350 million, with projected cash burn of $60-70 million.
Adaptive Biotechnologies (Nasdaq: ADPT) has announced its participation in two upcoming investor conferences. The company, which specializes in translating adaptive immune system genetics into clinical products, will attend the BTIG 12th Annual MedTech, Digital Health, Life Science & Diagnostic Tools Conference in Snowbird, UT on February 12, 2025, and the TD Cowen 45th Annual Health Care Conference in Boston, MA on March 3, 2025.
At the TD Cowen conference, the company will participate in a fireside chat scheduled for 11:10 a.m. Eastern Time. Investors and interested parties can access live and archived webcasts of the sessions through the 'Investors' section of Adaptive Biotechnologies' website at www.adaptivebiotech.com.
Adaptive Biotechnologies (Nasdaq: ADPT) has announced it will release its fourth quarter and full year 2024 financial results after market close on Tuesday, February 11, 2025. The company will host a conference call and webcast at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time on the same day to discuss the results. Investors can access the live audio webcast through the company's website, and a replay will be available within 24 hours after the event.
Adaptive Biotechnologies (ADPT) and NeoGenomics (NEO) announced a multi-year exclusive strategic commercial collaboration to enhance minimal residual disease (MRD) monitoring for blood cancer patients. The partnership integrates Adaptive's FDA-cleared clonoSEQ test with NeoGenomics' COMPASS and CHART assessment services.
The collaboration enables clinicians using NeoGenomics' COMPASS for initial blood cancer diagnosis to simultaneously identify DNA sequences for patient tracking. The service covers multiple myeloma, B-cell acute lymphoblastic leukemia, chronic lymphocytic leukemia, and diffuse large B-cell lymphoma. Subsequent CHART assessments can include clonoSEQ MRD testing throughout treatment.
Testing will be performed at Adaptive's CLIA-certified, CAP-accredited laboratory in Seattle. The companies will begin implementing the necessary infrastructure with cross-promotional efforts expected later this year. Financial terms were not disclosed.
Adaptive Biotechnologies (ADPT) announced that its clonoSEQ® test for minimal residual disease (MRD) assessment has received a new Medicare Clinical Laboratory Fee Schedule (CLFS) rate of $2,007, effective January 1, 2025. Additionally, MolDX has updated the clonoSEQ episode pricing to $8,029 across all covered indications.
The CLFS rate was established through a gapfill determination process, where Medicare evaluates the test's value based on factors including required resources, other payer rates, and similar technology costs. The clonoSEQ test provides MRD measurement in lymphoid malignancies and is widely covered by Medicare and commercial payers.
With this finalized rate, Adaptive plans to leverage it for establishing new payer agreements, updating existing agreements to include the clonoSEQ PLA code, and expanding coverage to additional indications.
Adaptive Biotechnologies (Nasdaq: ADPT), a commercial stage biotechnology company focused on adaptive immune system genetics and clinical products, has announced its participation in the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco.
The company's management will deliver their presentation on Tuesday, January 14th at 5:15 p.m. Pacific Time / 8:15 p.m. Eastern Time. Investors and interested parties can access both live and archived versions of the presentation through the 'Investors' section on the company's website at www.adaptivebiotech.com.
Adaptive Biotechnologies (ADPT) presented new data at the 66th ASH Annual Meeting showcasing the effectiveness of their clonoSEQ® test in measuring residual disease (MRD) for blood cancer treatment. Key findings from multiple studies demonstrate that achieving MRD levels below 10⁻⁶ correlates with improved patient outcomes.
The Phase 3 ECOG-ACRIN EA4151 trial revealed that mantle cell lymphoma patients with undetectable MRD may not need autologous transplantation. The FELIX study showed 84% of treatment responders achieved MRD <10⁻⁶, associated with better survival rates. Additional studies in multiple myeloma, chronic lymphocytic leukemia, and pediatric B-ALL further validated clonoSEQ's utility in guiding treatment decisions and monitoring disease progression.
Adaptive Biotechnologies (Nasdaq: ADPT) announced that its clonoSEQ® test for measurable residual disease (MRD) assessment will be featured in over 65 abstracts at the 66th ASH Annual Meeting. The presentations span eight different types of blood cancer and include a plenary session, a late-breaking abstract, and 25 oral presentations. The studies demonstrate clonoSEQ's role as a standard for efficacy measurement in pivotal clinical trials and highlight its advantages in both clinical trials and real-world practice. Several practice-changing studies use MRD as a primary endpoint in multiple myeloma, mantle cell lymphoma, and chronic lymphocytic leukemia.
Adaptive Biotechnologies reported its Q3 2024 financial results, highlighting a 22% revenue increase to $46.4 million compared to Q3 2023. The MRD business contributed 81% of revenue, growing 52% year-over-year, with clonoSEQ test volume rising 30% to 19,600 tests. The company achieved an updated Medicare CLFS Gapfill rate for clonoSEQ at $2,007 per test, a 17% increase, and expanded Medicare coverage for Mantle Cell Lymphoma.
Operating expenses decreased 11% to $79.1 million, with a net loss of $32.1 million, down from $50.3 million in Q3 2023. Adjusted EBITDA loss improved to $14.3 million from $29.8 million. Cash reserves stood at $267.2 million.
Updated 2024 guidance projects MRD revenue between $143 million and $145 million and total operating expenses between $335 million and $340 million.
Adaptive Biotechnologies (NASDAQ: ADPT) announced expanded Medicare coverage for its clonoSEQ test to include measurable residual disease (MRD) assessment in mantle cell lymphoma (MCL) patients. The coverage follows Medicare's episode pricing structure with an updated rate of $8,029. MCL, affecting approximately 4,000 new cases annually in the US, is an aggressive form of non-Hodgkin lymphoma where most patients experience multiple relapses. clonoSEQ offers a minimally invasive, blood-based MRD testing option to assess treatment response and monitor disease progression. This expansion adds to existing Medicare coverage for multiple myeloma, chronic lymphocytic leukemia, B-cell acute lymphoblastic leukemia, and diffuse large B-cell lymphoma.
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