Adaptive Biotechnologies Reports Second Quarter 2022 Financial Results
04 August 2022 - 06:05AM
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.”
Recent Highlights
- Revenue of $43.7
million for the second quarter 2022, representing a 13% increase
from the second quarter 2021.
- clonoSEQ test volume
in the second quarter 2022 grew 53% versus the second quarter of
prior year and 17% over the first quarter of 2022.
- Received expanded
Medicare coverage of clonoSEQ for assessment of MRD in patients
with Diffuse Large B-Cell Lymphoma (DLBCL).
- Signed a new
pan-portfolio agreement with major partner for the use of clonoSEQ
to measure MRD as a clinical endpoint.
- Sharpened focus on
Immune Medicine commercialization strategy to prioritize pharma
partnering and drug discovery opportunities.
Second Quarter 2022 Financial
Results
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.
2022 Financial Guidance
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.
Webcast and Conference Call
Information
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.
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 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.
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.
ADAPTIVE MEDIALaura
Cooper205-908-5603media@adaptivebiotech.com
ADAPTIVE INVESTORSKarina Calzadilla, Vice
President, Investor Relations201-396-1687Carrie Mendivil, Gilmartin
Groupinvestors@adaptivebiotech.com
Adaptive
BiotechnologiesCondensed Consolidated Statements of
Operations(in thousands, except share and per share
amounts)(unaudited)
|
|
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 |
|
Adaptive
BiotechnologiesCondensed 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 |
|
Adaptive Biotechnologies (NASDAQ:ADPT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Adaptive Biotechnologies (NASDAQ:ADPT)
Historical Stock Chart
From Mar 2023 to Mar 2024