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Adaptive Biotechnologies Corporation (Nasdaq: ADPT) is a commercial-stage biotechnology company dedicated to leveraging the intricate biology of the adaptive immune system to innovate in the diagnosis and treatment of diseases. The company's proprietary immune medicine platform combines high-throughput sequencing with cutting-edge computational infrastructure to offer detailed analyses of T- and B-cell repertoires, critical elements in the body's immune response. Adaptive focuses on two primary business areas: Minimal Residual Disease (MRD) and Immune Medicine.
One of Adaptive's flagship products is clonoSEQ®, a highly sensitive and standardized test authorized by the FDA for detecting minimal residual disease (MRD) in patients with multiple myeloma (MM), B-cell acute lymphoblastic leukemia (B-ALL), and chronic lymphocytic leukemia (CLL). The clonoSEQ test is also available as a CLIA-validated laboratory developed test (LDT) for other lymphoid cancers, such as diffuse large B-cell lymphoma (DLBCL). The MRD status measured by clonoSEQ serves as a powerful predictor of patient outcomes, aiding in personalized treatment and monitoring strategies.
Adaptive Biotechnologies has formed strategic partnerships with leading biopharmaceutical companies. For instance, it collaborates with Genentech on T-cell receptor (TCR) based therapeutic products, providing a neoantigen-specific T-cell receptor identified using Adaptive's TCR discovery platform. The company also signed a multi-year collaboration with BeiGene to use clonoSEQ technology in developing novel therapies for lymphoid malignancies.
In terms of financial achievements, for the year ended December 31, 2023, Adaptive reported a total revenue of $170.3 million, with the MRD revenue contributing significantly to this growth. The company achieved substantial progress in clonoSEQ test volume and introduced strategic updates to maximize the value of its MRD and Immune Medicine businesses.
Adaptive Biotechnologies operates from biotech hubs in Seattle, Washington, and South San Francisco, California. Their team of world-class scientists and open, collaborative culture drive continuous innovation. The company's clinical diagnostics and pipeline developments aim to transform the clinical landscape, offering new hope for treating cancers, autoimmune disorders, and infectious diseases.
Recently, Adaptive Biotechnologies announced significant progress and strategic decisions to enhance its business operations. They integrated clonoSEQ into Epic’s specialty diagnostics suite, easing MRD monitoring accessibility for healthcare providers. The company continues to focus on driving operational efficiencies, as reflected by a decrease in operating expenses while maintaining sustainable growth.
Adaptive Biotechnologies remains committed to leveraging the adaptive immune system's potent capabilities to develop and commercialize immune-driven clinical products tailored to individual patient needs. With a robust cash position, Adaptive aims for profitability in its MRD business while making targeted investments in Immune Medicine.
Adaptive Biotechnologies reported $26.3 million in revenue for Q3 2020, reflecting a 25% increase from Q2 2020 and a 1% year-over-year rise. Clinical sequencing volume surged 58%, totaling 4,023 tests. While development revenue grew by 5% to $15 million, sequencing revenue fell by 3% to $11.3 million. Operating expenses rose 44% to $63.3 million, contributing to a net loss of $36.7 million, up from $14 million in Q3 2019. The company refrained from providing financial guidance for 2020 due to ongoing COVID-19 uncertainties.
Adaptive Biotechnologies (Nasdaq: ADPT) will release its third-quarter financial results on November 10, 2020, after market close. The company will host a conference call at 1:30 p.m. PT, with a webcast available via the Investors section of its website. Adaptive focuses on leveraging the adaptive immune system's genetics to develop clinical diagnostics and therapeutics, aiming to address diseases like cancer and autoimmune conditions. The firm currently has two commercial products and an expansive clinical pipeline.
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) will participate in the Morgan Stanley Virtual Healthcare Conference on September 15, 2020, at 10:15 a.m. PT / 1:15 p.m. ET. The company aims to decode the adaptive immune system for disease diagnosis and treatment, boasting two commercial products and a strong clinical pipeline. Interested parties can access a live and archived webcast of the presentation via the company's website. Adaptive Biotechnologies is focused on developing immune-driven clinical products tailored to individual patients.
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) announced participation in the UBS Genomics 2.0 and Medtech Innovations Virtual Summit on August 11, 2020. The management team will engage in a fireside chat at 11:00 a.m. Pacific Time, which will also be available via webcast on the company's website. Adaptive Biotechnologies focuses on leveraging the adaptive immune system to create diagnostics and treatments for diseases, including cancer and autoimmune conditions. The company aims to develop tailored immune-driven clinical products, backed by a robust clinical pipeline and two commercial offerings.
Adaptive Biotechnologies has received FDA clearance for its clonoSEQ® Assay, the first assay approved for monitoring minimal residual disease (MRD) in chronic lymphocytic leukemia (CLL) patients using blood samples. This significant advancement expands previous FDA approvals for MRD detection in bone marrow for multiple myeloma and B-cell acute lymphoblastic leukemia (ALL). The assay's sensitivity allows for early detection of cancer recurrence, enhancing patient management. Medicare coverage supports access to this innovative testing method, crucial for the mostly elderly CLL patient population.
Adaptive Biotechnologies (Nasdaq: ADPT) has launched immunoSEQ T-MAP COVID, a proprietary product to measure and track COVID-19 specific T-cell responses in clinical trials. Utilizing data from over 1,000 COVID-19 patients, the platform highlights that T-cell responses can persist for over 90 days post-infection, providing critical insight into immunity. The product leverages the ImmuneCODE database, developed in partnership with Microsoft, to support vaccine trials and therapeutic development, and aims to enhance next-generation vaccine design.
Adaptive Biotechnologies Corp. (Nasdaq: ADPT) announced the launch of ImmuneSense Lyme™, a research study aimed at improving early detection of Lyme disease, which often goes misdiagnosed. The study targets approximately 1,000 participants in areas with high Lyme incidence. Early detection is crucial as current tests have a high false negative rate of 60-70%. The initiative employs AI to analyze immune responses, especially T cells, to enhance diagnostic accuracy. Participants can enroll via local sites or tele-health, fostering broader accessibility.
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) announced the pricing of an underwritten public offering of 8,000,000 shares at $40.00 each, raising gross proceeds of $240 million. The offering includes 6,000,000 shares from Adaptive and 2,000,000 from a selling shareholder, with an option for underwriters to purchase an additional 1,200,000 shares. Proceeds will primarily fund TCR-Antigen Map activities, scale marketing for immunoSEQ Dx products, and support R&D efforts. The transaction is expected to close on July 20, 2020.
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) announced a proposed underwritten public offering of 8,000,000 shares of its common stock, with 6,000,000 shares from Adaptive and 2,000,000 from a selling shareholder. The company expects to grant underwriters a 30-day option for 1,200,000 additional shares. Net proceeds will primarily fund investments in TCR-Antigen Map activities and expand marketing for immunoSEQ Dx products, while also supporting R&D initiatives. The offering is subject to market conditions, and Adaptive will not receive proceeds from the selling shareholder's shares.
Adaptive Biotechnologies (Nasdaq: ADPT) will announce its financial results for Q2 2020 on August 10, 2020, after market close. The company's conference call will start at 1:30 p.m. PT (4:30 p.m. ET). Adaptive aims to leverage the adaptive immune system to develop clinical products for diagnosing and treating diseases, including cancer and autoimmune conditions. They have two commercial products and a robust clinical pipeline to drive future growth.
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