Adaptive Biotechnologies Reports Fourth Quarter and Full Year 2024 Financial Results
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 (ADPT) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, mostrando performance miste. I ricavi del Q4 hanno raggiunto 47,5 milioni di dollari (+4% su base annua), con l'attività MRD che ha contribuito per l'85% ai ricavi, crescendo del 31% su base annua fino a 40,1 milioni di dollari. I ricavi dell'intero anno sono stati di 179,0 milioni di dollari (+5% su base annua), con i ricavi MRD in aumento del 42% fino a 145,5 milioni di dollari.
Il volume del test clonoSEQ dell'azienda è aumentato del 34%, raggiungendo 20.945 test nel Q4 2024, con un totale di 76.105 test effettuati nel 2024 (+35% su base annua). Medicare ha aumentato il tasso del Clinical Laboratory Fee Schedule per il clonoSEQ del 17%, portandolo a 2.007 dollari per test.
La perdita netta del Q4 è migliorata a 33,7 milioni di dollari, rispetto ai 69,5 milioni di dollari del Q4 2023. La perdita netta dell'intero anno 2024 è stata di 159,6 milioni di dollari, rispetto ai 225,3 milioni di dollari del 2023. La posizione di cassa si è attestata a 256,0 milioni di dollari al 31 dicembre 2024.
Per il 2025, ADPT prevede ricavi dall'attività MRD compresi tra 175 e 185 milioni di dollari e spese operative totali di 340-350 milioni di dollari, con una previsione di consumo di cassa di 60-70 milioni di dollari.
Adaptive Biotechnologies (ADPT) reportó los resultados financieros del Q4 y del año completo 2024, mostrando un desempeño mixto. Los ingresos del Q4 alcanzaron los 47,5 millones de dólares (+4% interanual), con el negocio de MRD contribuyendo con el 85% de los ingresos y creciendo un 31% interanual hasta 40,1 millones de dólares. Los ingresos del año completo fueron de 179,0 millones de dólares (+5% interanual), con los ingresos de MRD aumentando un 42% hasta 145,5 millones de dólares.
El volumen de pruebas del clonoSEQ de la compañía aumentó un 34% a 20,945 pruebas en el Q4 2024, con 76,105 pruebas entregadas en 2024 (+35% interanual). Medicare aumentó la tarifa del Clinical Laboratory Fee Schedule para el clonoSEQ en un 17% a 2,007 dólares por prueba.
La pérdida neta del Q4 mejoró a 33,7 millones de dólares desde 69,5 millones de dólares en el Q4 2023. La pérdida neta del año completo 2024 fue de 159,6 millones de dólares, en comparación con 225,3 millones de dólares en 2023. La posición de efectivo se situó en 256,0 millones de dólares al 31 de diciembre de 2024.
Para 2025, ADPT espera que los ingresos del negocio de MRD estén entre 175 y 185 millones de dólares y los gastos operativos totales entre 340 y 350 millones de dólares, con una proyección de quema de efectivo de 60 a 70 millones de dólares.
적응 생명공학 (ADPT)는 2024년 4분기 및 전체 연도 재무 결과를 발표했으며, 혼합된 성과를 보여주었습니다. 4분기 수익은 4750만 달러 (+4% 전년 대비)에 달했으며, MRD 사업이 수익의 85%를 차지하고 전년 대비 31% 성장하여 4010만 달러에 이르렀습니다. 전체 연도 수익은 1억 7900만 달러 (+5% 전년 대비)로, MRD 수익은 42% 증가하여 1억 4550만 달러에 달했습니다.
회사의 clonoSEQ 검사량은 4분기 2024년 기준으로 34% 증가하여 20,945건에 이르며, 2024년에는 76,105건이 제공되었습니다 (+35% 전년 대비). Medicare는 clonoSEQ의 Clinical Laboratory Fee Schedule 요금을 17% 인상하여 각 검사당 2007달러로 책정했습니다.
4분기 순손실은 3370만 달러로 개선되어 2023년 4분기의 6950만 달러에서 줄어들었습니다. 2024년 전체 순손실은 1억 5960만 달러로, 2023년의 2억 2530만 달러와 비교됩니다. 현금 보유액은 2024년 12월 31일 기준으로 2억 5600만 달러에 달했습니다.
2025년을 위해 ADPT는 MRD 사업의 수익이 1억 7500만 달러에서 1억 8500만 달러 사이에 있을 것으로 예상하며, 총 운영 비용은 3억 4000만 달러에서 3억 5000만 달러로 전망하고 있습니다. 현금 소모는 6000만 달러에서 7000만 달러로 예상됩니다.
Adaptive Biotechnologies (ADPT) a publié ses résultats financiers pour le 4ème trimestre et l'année entière 2024, montrant des performances mitigées. Les revenus du 4ème trimestre ont atteint 47,5 millions de dollars (+4% par rapport à l'année précédente), le secteur MRD contribuant à 85% des revenus et connaissant une croissance de 31% par rapport à l'année précédente, atteignant 40,1 millions de dollars. Les revenus sur l'année entière se sont élevés à 179,0 millions de dollars (+5% par rapport à l'année précédente), avec des revenus MRD en hausse de 42%, atteignant 145,5 millions de dollars.
Le volume du test clonoSEQ de la société a augmenté de 34%, atteignant 20 945 tests au 4ème trimestre 2024, avec 76 105 tests livrés en 2024 (+35% par rapport à l'année précédente). Medicare a augmenté le tarif du Clinical Laboratory Fee Schedule pour le clonoSEQ de 17% à 2 007 dollars par test.
La perte nette du 4ème trimestre s'est améliorée à 33,7 millions de dollars, contre 69,5 millions de dollars au 4ème trimestre 2023. La perte nette pour l'année 2024 s'est élevée à 159,6 millions de dollars, contre 225,3 millions de dollars en 2023. La position de trésorerie s'élevait à 256,0 millions de dollars au 31 décembre 2024.
Pour 2025, ADPT prévoit des revenus du secteur MRD compris entre 175 et 185 millions de dollars et des dépenses opérationnelles totales entre 340 et 350 millions de dollars, avec une prévision de consommation de trésorerie de 60 à 70 millions de dollars.
Adaptive Biotechnologies (ADPT) hat die finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht und zeigt gemischte Leistungen. Der Umsatz im 4. Quartal erreichte 47,5 Millionen Dollar (+4% im Vergleich zum Vorjahr), wobei das MRD-Geschäft 85% des Umsatzes ausmachte und im Vergleich zum Vorjahr um 31% auf 40,1 Millionen Dollar wuchs. Der Umsatz für das gesamte Jahr lag bei 179,0 Millionen Dollar (+5% im Vergleich zum Vorjahr), wobei der Umsatz aus MRD um 42% auf 145,5 Millionen Dollar stieg.
Das clonoSEQ-Testvolumen des Unternehmens stieg im 4. Quartal 2024 um 34% auf 20.945 Tests, mit insgesamt 76.105 durchgeführten Tests im Jahr 2024 (+35% im Vergleich zum Vorjahr). Medicare erhöhte den Satz des Clinical Laboratory Fee Schedule für clonoSEQ um 17% auf 2.007 Dollar pro Test.
Der Nettoverlust im 4. Quartal verbesserte sich auf 33,7 Millionen Dollar gegenüber 69,5 Millionen Dollar im 4. Quartal 2023. Der Nettoverlust für das gesamte Jahr 2024 betrug 159,6 Millionen Dollar im Vergleich zu 225,3 Millionen Dollar im Jahr 2023. Die Liquiditätsposition lag am 31. Dezember 2024 bei 256,0 Millionen Dollar.
Für 2025 erwartet ADPT einen Umsatz aus dem MRD-Geschäft zwischen 175 und 185 Millionen Dollar sowie Gesamtausgaben von 340 bis 350 Millionen Dollar, mit einem prognostizierten Cash-Burn von 60 bis 70 Millionen Dollar.
- MRD revenue grew 42% YoY to $145.5 million in 2024
- clonoSEQ test volume increased 35% YoY with 76,105 tests delivered in 2024
- Medicare increased clonoSEQ reimbursement rate by 17% to $2,007 per test
- Net loss improved from $225.3M in 2023 to $159.6M in 2024
- Operating expenses decreased 14% YoY in 2024
- Q4 2024 Immune Medicine revenue decreased 51% YoY
- Full year 2024 Immune Medicine revenue declined 51% YoY
- Overall revenue growth to 5% YoY despite strong MRD performance
- Continued net losses despite improvement ($159.6M in 2024)
- Projected cash burn of $60-70M for 2025
Insights
Adaptive Biotechnologies' Q4 and FY2024 results reveal a compelling transformation story, with the Minimal Residual Disease (MRD) segment emerging as the company's growth engine. The
Three key developments significantly strengthen the MRD business position: First, the
The decline in Immune Medicine revenue by
Financial management shows marked improvement, with operating expenses decreasing
SEATTLE, Feb. 11, 2025 (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 fourth quarter and full year ended December 31, 2024.
“2024 was a year of strong execution, marked by key catalysts achieved in our MRD business and advancements in our Immune Medicine programs. Our MRD revenue grew by
Recent Highlights
- Revenue for the fourth quarter and full year 2024 was
$47.5 million and$179.0 million , respectively. The MRD business, which contributed85% of revenue in the fourth quarter and81% of revenue in the full year, grew31% and42% over the corresponding periods a year ago. - clonoSEQ® test volume increased
34% to 20,945 tests delivered in the fourth quarter of 2024, compared to the fourth quarter 2023 and ended the year with 76,105 tests delivered, up35% versus 2023. - Obtained updated Medicare Clinical Laboratory Fee Schedule (CLFS) Gapfill Determination for clonoSEQ of
$2,007 per test, a17% increase from the previous implied rate under the episode structure. - The FDA’s Oncologic Drug Advisory Committee (ODAC) voted unanimously in favor of the use of MRD as a primary endpoint to support the accelerated approval of new therapies for patients with multiple myeloma.
- Received expanded Medicare coverage of clonoSEQ for assessing measurable residual disease in Mantle Cell Lymphoma (MCL), enabling initiation of MCL promotional efforts.
- Signed an exclusive strategic commercial partnership with NeoGenomics to cross-promote our clonoSEQ® test along with NeoGenomics’ COMPASS® and CHART® hematopathology services.
- Completed multiple antibody mouse immunization campaigns in prioritized autoimmune indications and functionally tested a subset of selected antibodies to a number of disease-causing targets in these indications.
- Nominated a lead autoimmune indication to further advance on the preclinical development of antibody therapeutic candidates in this first autoimmune indication.
Fourth Quarter 2024 Financial Results
Revenue was
Operating expenses for the fourth quarter of 2024 were
Interest and other income, net was
Net loss was
Adjusted EBITDA (non-GAAP) was a loss of
Full Year 2024 Financial Results
Revenue was
Operating expenses for 2024, which included restructuring and long-lived asset impairment charges of
Interest and other income, net was
Net loss was
Adjusted EBITDA (non-GAAP) was a loss of
Cash, cash equivalents and marketable securities was
2025 Financial Guidance
Adaptive Biotechnologies expects full year revenue for the MRD business to be between
We expect full year total company operating expenses, including cost of revenue, to be between
We expect full year total company cash burn to be between
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 fourth quarter and full year 2024 financial results after market close on Tuesday, February 11, 2025 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 segments: Minimal Residual Disease (MRD) and Immune Medicine. Our commercial products and clinical pipeline enable the diagnosis, monitoring, and treatment of diseases such as cancer and autoimmune disorders. 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 consolidated statements of operations and unaudited 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
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 47,459 | $ | 45,784 | $ | 178,957 | $ | 170,276 | ||||||||
| Operating expenses | ||||||||||||||||
| Cost of revenue | 18,045 | 19,616 | 72,080 | 75,553 | ||||||||||||
| Research and development | 23,192 | 28,746 | 102,953 | 122,117 | ||||||||||||
| Sales and marketing | 21,575 | 21,906 | 84,759 | 88,579 | ||||||||||||
| General and administrative | 18,056 | 20,726 | 72,806 | 83,934 | ||||||||||||
| Amortization of intangible assets | 428 | 429 | 1,703 | 1,699 | ||||||||||||
| Impairment of long-lived assets | — | 25,429 | 7,205 | 25,429 | ||||||||||||
| Total operating expenses | 81,296 | 116,852 | 341,506 | 397,311 | ||||||||||||
| Loss from operations | (33,837 | ) | (71,068 | ) | (162,549 | ) | (227,035 | ) | ||||||||
| Interest and other income, net | 3,072 | 4,613 | 14,534 | 15,531 | ||||||||||||
| Interest expense | (2,952 | ) | (3,012 | ) | (11,580 | ) | (13,800 | ) | ||||||||
| Net loss | (33,717 | ) | (69,467 | ) | (159,595 | ) | (225,304 | ) | ||||||||
| Add: Net loss attributable to noncontrolling interest | 25 | 26 | 103 | 54 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (33,692 | ) | $ | (69,441 | ) | $ | (159,492 | ) | $ | (225,250 | ) | ||||
| Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | $ | (0.23 | ) | $ | (0.48 | ) | $ | (1.08 | ) | $ | (1.56 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | 147,677,685 | 144,900,669 | 147,101,648 | 144,383,294 | ||||||||||||
Adaptive Biotechnologies
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 47,920 | $ | 65,064 | ||||
| Short-term marketable securities (amortized cost of | 174,374 | 281,337 | ||||||
| Accounts receivable, net | 41,731 | 37,969 | ||||||
| Inventory | 8,440 | 14,448 | ||||||
| Prepaid expenses and other current assets | 11,287 | 11,370 | ||||||
| Total current assets | 283,752 | 410,188 | ||||||
| Long-term assets | ||||||||
| Property and equipment, net | 48,616 | 68,227 | ||||||
| Operating lease right-of-use assets | 45,767 | 52,096 | ||||||
| Long-term marketable securities (amortized cost of | 33,660 | — | ||||||
| Restricted cash | 2,897 | 2,932 | ||||||
| Intangible assets, net | 3,425 | 5,128 | ||||||
| Goodwill | 118,972 | 118,972 | ||||||
| Other assets | 2,287 | 3,591 | ||||||
| Total assets | $ | 539,376 | $ | 661,134 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 7,265 | $ | 7,719 | ||||
| Accrued liabilities | 8,157 | 8,597 | ||||||
| Accrued compensation and benefits | 15,838 | 13,685 | ||||||
| Current portion of operating lease liabilities | 10,239 | 9,384 | ||||||
| Current portion of deferred revenue | 55,689 | 48,630 | ||||||
| Current portion of revenue interest liability, net | 865 | — | ||||||
| Total current liabilities | 98,053 | 88,015 | ||||||
| Long-term liabilities | ||||||||
| Operating lease liabilities, less current portion | 79,148 | 89,388 | ||||||
| Deferred revenue, less current portion | 27,256 | 44,793 | ||||||
| Revenue interest liability, net, less current portion | 132,414 | 130,660 | ||||||
| Other long-term liabilities | 20 | — | ||||||
| Total liabilities | 336,891 | 352,856 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Preferred stock: | — | — | ||||||
| Common stock: | 14 | 14 | ||||||
| Additional paid-in capital | 1,506,353 | 1,452,502 | ||||||
| Accumulated other comprehensive gain | 166 | 215 | ||||||
| Accumulated deficit | (1,303,824 | ) | (1,144,332 | ) | ||||
| Total Adaptive Biotechnologies Corporation shareholders’ equity | 202,709 | 308,399 | ||||||
| Noncontrolling interest | (224 | ) | (121 | ) | ||||
| Total shareholders’ equity | 202,485 | 308,278 | ||||||
| Total liabilities and shareholders’ equity | $ | 539,376 | $ | 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 December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (33,692 | ) | $ | (69,441 | ) | $ | (159,492 | ) | $ | (225,250 | ) | ||||
| Interest and other income, net | (3,072 | ) | (4,613 | ) | (14,534 | ) | (15,531 | ) | ||||||||
| Interest expense | 2,952 | 3,012 | 11,580 | 13,800 | ||||||||||||
| Depreciation and amortization expense | 4,448 | 5,392 | 19,256 | 22,231 | ||||||||||||
| Impairment of long-lived assets | — | 25,429 | 7,205 | 25,429 | ||||||||||||
| Restructuring expense | 87 | — | 2,004 | — | ||||||||||||
| Share-based compensation expense | 12,832 | 15,556 | 53,610 | 62,908 | ||||||||||||
| Adjusted EBITDA | $ | (16,445 | ) | $ | (24,665 | ) | $ | (80,371 | ) | $ | (116,413 | ) | ||||
Segment Information (Including Segment Adjusted EBITDA)
The following tables set forth segment information for the periods presented (in thousands, unaudited):
| Three Months Ended December 31, 2024 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 40,149 | $ | 7,310 | $ | — | $ | 47,459 | ||||||||
| Operating expenses | 54,979 | 20,389 | 5,928 | 81,296 | ||||||||||||
| Adjusted EBITDA | (6,555 | ) | (6,833 | ) | (3,057 | ) | (16,445 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (14,830 | ) | $ | (13,079 | ) | $ | (5,808 | ) | $ | (33,717 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 25 | 25 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (14,830 | ) | (13,079 | ) | (5,783 | ) | (33,692 | ) | ||||||||
| Interest and other income, net | — | — | (3,072 | ) | (3,072 | ) | ||||||||||
| Interest expense | — | — | 2,952 | 2,952 | ||||||||||||
| Depreciation and amortization expense | 2,340 | 1,673 | 435 | 4,448 | ||||||||||||
| Restructuring expense | 77 | 10 | — | 87 | ||||||||||||
| Share-based compensation expense | 5,858 | 4,563 | 2,411 | 12,832 | ||||||||||||
| Adjusted EBITDA | $ | (6,555 | ) | $ | (6,833 | ) | $ | (3,057 | ) | $ | (16,445 | ) | ||||
| Three Months Ended December 31, 2023 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 30,762 | $ | 15,022 | $ | — | $ | 45,784 | ||||||||
| Operating expenses | 58,183 | 26,280 | 32,389 | 116,852 | ||||||||||||
| Adjusted EBITDA | (17,763 | ) | (2,979 | ) | (3,923 | ) | (24,665 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (27,421 | ) | $ | (11,258 | ) | $ | (30,788 | ) | $ | (69,467 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 26 | 26 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (27,421 | ) | (11,258 | ) | (30,762 | ) | (69,441 | ) | ||||||||
| Interest and other income, net | — | — | (4,613 | ) | (4,613 | ) | ||||||||||
| Interest expense | — | — | 3,012 | 3,012 | ||||||||||||
| Depreciation and amortization expense | 2,413 | 2,529 | 450 | 5,392 | ||||||||||||
| Impairment of right-of-use and related long-lived assets | — | — | 25,429 | 25,429 | ||||||||||||
| Share-based compensation expense | 7,245 | 5,750 | 2,561 | 15,556 | ||||||||||||
| Adjusted EBITDA | $ | (17,763 | ) | $ | (2,979 | ) | $ | (3,923 | ) | $ | (24,665 | ) | ||||
| Year Ended December 31, 2024 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 145,529 | $ | 33,428 | $ | — | $ | 178,957 | ||||||||
| Operating expenses | 225,764 | 91,052 | 24,690 | 341,506 | ||||||||||||
| Adjusted EBITDA | (41,223 | ) | (26,005 | ) | (13,143 | ) | (80,371 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (80,235 | ) | $ | (57,624 | ) | $ | (21,736 | ) | $ | (159,595 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 103 | 103 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (80,235 | ) | (57,624 | ) | (21,633 | ) | (159,492 | ) | ||||||||
| Interest and other income, net | — | — | (14,534 | ) | (14,534 | ) | ||||||||||
| Interest expense | — | — | 11,580 | 11,580 | ||||||||||||
| Depreciation and amortization expense | 10,073 | 7,450 | 1,733 | 19,256 | ||||||||||||
| Impairment of long-lived assets | 2,819 | 4,386 | — | 7,205 | ||||||||||||
| Restructuring expense | 1,272 | 732 | — | 2,004 | ||||||||||||
| Share-based compensation expense | 24,848 | 19,051 | 9,711 | 53,610 | ||||||||||||
| Adjusted EBITDA | $ | (41,223 | ) | $ | (26,005 | ) | $ | (13,143 | ) | $ | (80,371 | ) | ||||
| Year Ended December 31, 2023 | ||||||||||||||||
| MRD | Immune Medicine | Unallocated Corporate | Total | |||||||||||||
| Revenue | $ | 102,739 | $ | 67,537 | $ | — | $ | 170,276 | ||||||||
| Operating expenses | 229,129 | 115,031 | 53,151 | 397,311 | ||||||||||||
| Adjusted EBITDA | (88,844 | ) | (14,128 | ) | (13,441 | ) | (116,413 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (126,390 | ) | $ | (47,494 | ) | $ | (51,420 | ) | $ | (225,304 | ) | ||||
| Net loss attributable to noncontrolling interest | — | — | 54 | 54 | ||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | (126,390 | ) | (47,494 | ) | (51,366 | ) | (225,250 | ) | ||||||||
| Interest and other income, net | — | — | (15,531 | ) | (15,531 | ) | ||||||||||
| Interest expense | — | — | 13,800 | 13,800 | ||||||||||||
| Depreciation and amortization expense | 9,225 | 10,436 | 2,570 | 22,231 | ||||||||||||
| Impairment of right-of-use and related long-lived assets | — | — | 25,429 | 25,429 | ||||||||||||
| Share-based compensation expense | 28,321 | 22,930 | 11,657 | 62,908 | ||||||||||||
| Adjusted EBITDA | $ | (88,844 | ) | $ | (14,128 | ) | $ | (13,441 | ) | $ | (116,413 | ) | ||||
FAQ
What was ADPT's revenue growth in Q4 2024?
How much did ADPT's MRD business grow in 2024?
What is ADPT's revenue guidance for 2025?
How many clonoSEQ tests did ADPT deliver in 2024?
What is ADPT's cash position as of December 31, 2024?
What is the new Medicare reimbursement rate for ADPT's clonoSEQ test?
