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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 financial results for Q4 and full year 2022, revealing a 20% revenue growth year-over-year, totaling $185.3 million. Q4 revenue reached $55.2 million, a 46% increase from Q4 2021. Key drivers included a 70% surge in MRD revenue and a 54% increase in clonoSEQ test volume. Operating expenses decreased by 5% to $94.4 million, with a net loss of $40.2 million. For 2023, the company aims for revenue between $205 million and $215 million and plans to lower operating expenses. With $498.2 million in cash reserves, Adaptive is positioned for sustainable growth.
Adaptive Biotechnologies (Nasdaq: ADPT) has announced that it will report its financial results for Q4 and the full year of 2022 on February 14, 2023, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET, which will be available via webcast on the company's website. Adaptive is focused on translating the adaptive immune system's genetics into clinical products for disease diagnosis and treatment. The company aims to leverage its proprietary immune medicine platform to address various diseases, including cancer and autoimmune disorders, emphasizing individualized patient care.
Adaptive Biotechnologies (Nasdaq: ADPT) announced its participation in the 41st Annual J.P. Morgan Healthcare Conference in San Francisco, scheduled for January 9 at 1:30 PM PT. The presentation will be accessible via a live and archived webcast on the company’s website. Adaptive Biotechnologies focuses on utilizing the adaptive immune system for diagnosing and treating diseases, with products and pipelines aimed at cancer, autoimmune disorders, and infectious diseases. Their proprietary platform enhances drug development and clinical diagnostics.
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) showcased the effectiveness of its clonoSEQ Assay at the 64th Annual Meeting of the American Society of Hematology (ASH) on December 10-13, 2022. The assay, the only FDA-cleared test for assessing minimal residual disease (MRD) in lymphoid malignancies, demonstrated high accuracy and sensitivity in measuring MRD in blood cancer patients. Over 30 clonoSEQ-related abstracts were presented, supporting its role in guiding treatment decisions and potentially discontinuing maintenance therapy based on MRD results.
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) will present over 30 abstracts on its clonoSEQ® Assay at the 64th Annual Meeting of the American Society of Hematology (ASH) from December 10-13, 2022. This FDA-cleared assay measures minimal residual disease (MRD) in various blood cancers, including multiple myeloma and chronic lymphocytic leukemia. The data highlights the assay's role in improving patient care through serial MRD testing, which aids in treatment assessment and relapse detection. Key findings will be shared in 12 oral presentations and 21 posters during the event.
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) has launched its clonoSEQ Assay for detecting minimal residual disease (MRD) in patients with diffuse large B-cell lymphoma (DLBCL). This test is notable as it is the first MRD test with Medicare coverage for all therapy lines and timepoints. Now accepting blood samples in Streck® tubes, clonoSEQ offers clinicians a precise, less invasive disease monitoring tool. Robust evidence supports its effectiveness in predicting patient relapses, facilitating better and more timely treatment decisions.
Adaptive Biotechnologies (ADPT) reported third quarter 2022 revenue of $47.8 million, marking a 21% increase year-over-year. clonoSEQ test volume surged by 52% compared to Q3 2021. The Immune Medicine segment revenue rose 18% to $27.9 million. Operating expenses decreased to $93.3 million, down 3% from the prior year. The net loss narrowed to $45.3 million, an improvement from $56.0 million in 2021. Adaptive's 2022 guidance reflects revenue expectations of $185-$190 million and reduced operating expenses below $400 million.
Adaptive Biotechnologies has partnered with Epic to integrate the clonoSEQ Assay into Epic's electronic medical record system. This integration aims to enhance monitoring of minimal residual disease (MRD) in blood cancer patients, making access to this FDA-cleared test easier for oncologists. clonoSEQ allows for accurate monitoring of cancer cells during treatment, which is crucial for patient care. The integration is set to go live in 2023, and Adaptive plans to seek further partnerships with other oncology EMR vendors.
Adaptive Biotechnologies (Nasdaq: ADPT) will announce its third-quarter 2022 financial results after market close on November 3, 2022. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET, which will be available via live webcast on the company’s website. The company focuses on leveraging the adaptive immune system for clinical products aimed at diagnosing and treating diseases, including cancer and autoimmune disorders. Its proprietary platform is designed to decode the complexities of the immune system, enabling innovative diagnostics and therapeutics.
Adaptive Biotechnologies Corporation (Nasdaq: ADPT) announced a non-dilutive royalty financing agreement with OrbiMed, totaling up to $250 million. This deal aims to bolster Adaptive's balance sheet, which reported over $450 million in cash and marketable securities as of Q2 2022. The initial tranche of $125 million will support corporate purposes, with additional potential tranches of $75 million and $50 million for M&A. OrbiMed will receive a percentage of GAAP revenues, increasing to 10% with full funding. The partnership is designed to extend Adaptive’s cash runway and fuel growth initiatives.
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