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 March 31, 2024.
“This quarter, we implemented important decisions to maximize
the value of our MRD and Immune Medicine businesses. I am confident
in the steps we are taking to execute on their respective
priorities with separate segment reporting,” said Chad Robins,
chief executive officer and co-founder of Adaptive Biotechnologies.
“Our cash position is strong and will enable us to bridge the MRD
business to profitability while advancing key programs in Immune
Medicine through gated investments.”
Recent Highlights
- Revenue for the
first quarter of 2024 was $41.9 million. The MRD business, which
contributed 78% of revenue, grew 52% versus the first quarter of
2023.
- clonoSEQ test volume
in the first quarter of 2024 grew 41% to 17,040 tests delivered
versus the first quarter of 2023.
- Recognized $4.5
million within MRD revenue upon the achievement of regulatory
milestones from biopharmaceutical clinical studies.
- 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.
- Following a
strategic review, MRD and Immune Medicine will operate under
Adaptive with dedicated resources, separate segment reporting and
disciplined capital allocation.
- Initiated antibody
discovery campaign in Immune Medicine for multiple sclerosis and
type 1 diabetes to discover, make and test select antibodies to
generate preclinical data during 2024.
First Quarter 2024 Financial
Results
Revenue was $41.9 million for the quarter ended March 31, 2024,
representing an 11% increase from the first quarter in the prior
year. MRD revenue was $32.6 million for the quarter, representing a
52% increase from the first quarter in the prior year. Immune
Medicine revenue was $9.2 million for the quarter, representing a
43% decrease from the first quarter in the prior year.
Operating expenses were $90.6 million for the first quarter of
2024, compared to $94.8 million in the first quarter of the prior
year, representing a decrease of 4%. MRD operating expenses were
$59.9 million for the quarter, representing a 7% increase from the
first quarter in the prior year. Immune Medicine operating expenses
were $23.8 million for the quarter, representing a 25% decrease
from the first quarter in the prior year.
Interest and other income, net was $4.2 million for the first
quarter of 2024, compared to $3.0 million in the first quarter of
the prior year. Interest expense from our revenue interest purchase
agreement was $3.0 million in the first quarter of 2024, compared
to $3.5 million in the first quarter of the prior year.
Net loss was $47.5 million for the first quarter of 2024,
compared to $57.7 million for the same period in 2023.
Adjusted EBITDA (non-GAAP) was a loss of $28.2 million for the
first quarter of 2024, compared to a loss of $37.1 million for the
first quarter of the prior year. MRD Adjusted EBITDA (non-GAAP) was
a loss of $17.3 million for the quarter, compared to a loss of
$26.4 million for the first quarter of the prior year. Immune
Medicine Adjusted EBITDA (non-GAAP) was a loss of $6.9 million for
the quarter, compared to a loss of $7.4 million for the first
quarter of the prior year.
Cash, cash equivalents and marketable securities was $308.9
million as of March 31, 2024.
2024 Updated Financial Guidance
Adaptive Biotechnologies expects full year revenue for the MRD
business to be between $135 million and $140 million, updated
from the previous range between $130 million and $140 million. No
revenue guidance is provided for the Immune Medicine business.
We expect full year total company operating
expenses, including cost of revenue, to be between $350 million and
$360 million, updated from the previous range between $360 million
and $370 million.
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 first quarter 2024 financial results after market close on
Tuesday, May 7, 2024 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 areas: Minimal Residual Disease (MRD) and Immune Medicine.
Our commercial products and clinical pipeline enable the diagnosis,
monitoring, and 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.
Use of Non-GAAP Financial
Measure
To supplement our unaudited condensed consolidated statements of
operations and unaudited condensed 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
right-of-use and related 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 measures, 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 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;
- right-of-use and related 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 INVESTORSKarina Calzadilla, Vice
President, Investor
Relations201-396-1687investors@adaptivebiotech.com
ADAPTIVE MEDIAErica Jones, Associate Corporate
Communications Director206-279-2423media@adaptivebiotech.com
Adaptive BiotechnologiesCondensed Consolidated
Statements of Operations(in thousands, except share and per share
amounts)(unaudited) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
Revenue |
$ |
41,873 |
|
|
$ |
37,647 |
|
Operating expenses |
|
|
|
|
|
Cost of revenue |
|
18,051 |
|
|
|
18,681 |
|
Research and development |
|
30,245 |
|
|
|
32,601 |
|
Sales and marketing |
|
22,319 |
|
|
|
22,308 |
|
General and administrative |
|
19,597 |
|
|
|
20,831 |
|
Amortization of intangible assets |
|
423 |
|
|
|
419 |
|
Total operating expenses |
|
90,635 |
|
|
|
94,840 |
|
Loss
from operations |
|
(48,762 |
) |
|
|
(57,193 |
) |
Interest
and other income, net |
|
4,222 |
|
|
|
3,024 |
|
Interest
expense |
|
(2,993 |
) |
|
|
(3,531 |
) |
Net
loss |
|
(47,533 |
) |
|
|
(57,700 |
) |
Add: Net loss attributable to noncontrolling interest |
|
26 |
|
|
|
1 |
|
Net loss
attributable to Adaptive Biotechnologies Corporation |
$ |
(47,507 |
) |
|
$ |
(57,699 |
) |
Net loss
per share attributable to Adaptive Biotechnologies Corporation
common shareholders, basic and diluted |
$ |
(0.33 |
) |
|
$ |
(0.40 |
) |
Weighted-average shares used in computing net loss per share
attributable to Adaptive Biotechnologies Corporation common
shareholders, basic and diluted |
|
145,787,527 |
|
|
|
143,511,142 |
|
|
|
|
|
|
|
|
|
Adaptive BiotechnologiesCondensed Consolidated
Balance Sheets(in thousands, except share and per share
amounts) |
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
71,233 |
|
|
$ |
65,064 |
|
Short-term marketable securities (amortized cost of $237,745 and
$281,122, respectively) |
|
|
237,639 |
|
|
|
281,337 |
|
Accounts receivable, net |
|
|
42,021 |
|
|
|
37,969 |
|
Inventory |
|
|
13,291 |
|
|
|
14,448 |
|
Prepaid expenses and other current assets |
|
|
9,850 |
|
|
|
11,370 |
|
Total current assets |
|
|
374,034 |
|
|
|
410,188 |
|
Long-term assets |
|
|
|
|
|
|
Property and equipment, net |
|
|
65,260 |
|
|
|
68,227 |
|
Operating lease right-of-use assets |
|
|
50,999 |
|
|
|
52,096 |
|
Restricted cash |
|
|
2,963 |
|
|
|
2,932 |
|
Intangible assets, net |
|
|
4,705 |
|
|
|
5,128 |
|
Goodwill |
|
|
118,972 |
|
|
|
118,972 |
|
Other assets |
|
|
3,390 |
|
|
|
3,591 |
|
Total assets |
|
$ |
620,323 |
|
|
$ |
661,134 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
12,170 |
|
|
$ |
7,719 |
|
Accrued liabilities |
|
|
7,914 |
|
|
|
8,597 |
|
Accrued compensation and benefits |
|
|
6,404 |
|
|
|
13,685 |
|
Current portion of operating lease liabilities |
|
|
9,594 |
|
|
|
9,384 |
|
Current portion of deferred revenue |
|
|
46,870 |
|
|
|
48,630 |
|
Total current liabilities |
|
|
82,952 |
|
|
|
88,015 |
|
Long-term liabilities |
|
|
|
|
|
|
Operating lease liabilities, less current portion |
|
|
86,900 |
|
|
|
89,388 |
|
Deferred revenue, less current portion |
|
|
44,160 |
|
|
|
44,793 |
|
Revenue interest liability, net |
|
|
131,545 |
|
|
|
130,660 |
|
Total liabilities |
|
|
345,557 |
|
|
|
352,856 |
|
Commitments and contingencies |
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
Preferred stock: $0.0001 par value, 10,000,000 shares authorized at
March 31, 2024 and December 31, 2023; no shares issued and
outstanding at March 31, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Common stock: $0.0001 par value, 340,000,000 shares authorized at
March 31, 2024 and December 31, 2023; 147,368,324 and 145,082,271
shares issued and outstanding at March 31, 2024 and December 31,
2023, respectively |
|
|
14 |
|
|
|
14 |
|
Additional paid-in capital |
|
|
1,466,844 |
|
|
|
1,452,502 |
|
Accumulated other comprehensive (loss) gain |
|
|
(106 |
) |
|
|
215 |
|
Accumulated deficit |
|
|
(1,191,839 |
) |
|
|
(1,144,332 |
) |
Total Adaptive Biotechnologies Corporation shareholders’
equity |
|
|
274,913 |
|
|
|
308,399 |
|
Noncontrolling interest |
|
|
(147 |
) |
|
|
(121 |
) |
Total shareholders’ equity |
|
|
274,766 |
|
|
|
308,278 |
|
Total liabilities and shareholders’ equity |
|
$ |
620,323 |
|
|
$ |
661,134 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
The following table sets forth a reconciliation between our
Adjusted EBITDA and net loss attributable to Adaptive
Biotechnologies Corporation, the most directly comparable GAAP
financial measure, for each of the periods presented (in thousands,
unaudited):
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net loss attributable to Adaptive Biotechnologies Corporation |
|
$ |
(47,507 |
) |
|
$ |
(57,699 |
) |
Interest
and other income, net |
|
|
(4,222 |
) |
|
|
(3,024 |
) |
Interest
expense |
|
|
2,993 |
|
|
|
3,531 |
|
Depreciation and amortization expense |
|
|
5,214 |
|
|
|
5,423 |
|
Restructuring expense |
|
|
1,044 |
|
|
|
— |
|
Share-based compensation expense |
|
|
14,298 |
|
|
|
14,671 |
|
Adjusted EBITDA |
|
$ |
(28,180 |
) |
|
$ |
(37,098 |
) |
|
|
|
|
|
|
|
|
|
Segment Information (Including Segment
Adjusted EBITDA)
The following tables set forth our segment information for the
three months ended March 31, 2024 and 2023, as well as the
remaining quarterly periods in the prior year (in thousands,
unaudited):
|
|
Three Months Ended March 31, 2024 |
|
|
|
MRD |
|
|
Immune Medicine |
|
|
Unallocated Corporate |
|
|
Total |
|
Revenue |
|
$ |
32,626 |
|
|
$ |
9,247 |
|
|
$ |
— |
|
|
$ |
41,873 |
|
Operating expenses |
|
|
59,886 |
|
|
|
23,841 |
|
|
|
6,908 |
|
|
|
90,635 |
|
Adjusted EBITDA |
|
|
(17,259 |
) |
|
|
(6,927 |
) |
|
|
(3,994 |
) |
|
|
(28,180 |
) |
Reconciliation of Net
Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(27,260 |
) |
|
$ |
(14,593 |
) |
|
$ |
(5,680 |
) |
|
$ |
(47,533 |
) |
Net loss attributable to
noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
26 |
|
|
|
26 |
|
Net loss attributable to
Adaptive Biotechnologies Corporation |
|
|
(27,260 |
) |
|
|
(14,593 |
) |
|
|
(5,654 |
) |
|
|
(47,507 |
) |
Interest and other income,
net |
|
|
— |
|
|
|
— |
|
|
|
(4,222 |
) |
|
|
(4,222 |
) |
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
2,993 |
|
|
|
2,993 |
|
Depreciation and amortization
expense |
|
|
2,701 |
|
|
|
2,082 |
|
|
|
431 |
|
|
|
5,214 |
|
Restructuring expense |
|
|
467 |
|
|
|
577 |
|
|
|
— |
|
|
|
1,044 |
|
Share-based compensation
expense |
|
|
6,833 |
|
|
|
5,007 |
|
|
|
2,458 |
|
|
|
14,298 |
|
Adjusted EBITDA |
|
$ |
(17,259 |
) |
|
$ |
(6,927 |
) |
|
$ |
(3,994 |
) |
|
$ |
(28,180 |
) |
|
|
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 |
) |
|
|
Three Months Ended September 30, 2023 |
|
|
|
MRD |
|
|
Immune Medicine |
|
|
Unallocated Corporate |
|
|
Total |
|
Revenue |
|
$ |
24,668 |
|
|
$ |
13,251 |
|
|
$ |
— |
|
|
$ |
37,919 |
|
Operating expenses |
|
|
55,977 |
|
|
|
26,400 |
|
|
|
6,498 |
|
|
|
88,875 |
|
Adjusted EBITDA |
|
|
(21,616 |
) |
|
|
(4,986 |
) |
|
|
(3,229 |
) |
|
|
(29,831 |
) |
Reconciliation of Net
Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(31,309 |
) |
|
$ |
(13,148 |
) |
|
$ |
(5,869 |
) |
|
$ |
(50,326 |
) |
Net loss attributable to
noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
26 |
|
|
|
26 |
|
Net loss attributable to
Adaptive Biotechnologies Corporation |
|
|
(31,309 |
) |
|
|
(13,148 |
) |
|
|
(5,843 |
) |
|
|
(50,300 |
) |
Interest and other income,
net |
|
|
— |
|
|
|
— |
|
|
|
(4,282 |
) |
|
|
(4,282 |
) |
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
3,652 |
|
|
|
3,652 |
|
Depreciation and amortization
expense |
|
|
2,489 |
|
|
|
2,546 |
|
|
|
728 |
|
|
|
5,763 |
|
Share-based compensation
expense |
|
|
7,204 |
|
|
|
5,616 |
|
|
|
2,516 |
|
|
|
15,336 |
|
Adjusted EBITDA |
|
$ |
(21,616 |
) |
|
$ |
(4,986 |
) |
|
$ |
(3,229 |
) |
|
$ |
(29,831 |
) |
|
|
Three Months Ended June 30, 2023 |
|
|
|
MRD |
|
|
Immune Medicine |
|
|
Unallocated Corporate |
|
|
Total |
|
Revenue |
|
$ |
25,882 |
|
|
$ |
23,044 |
|
|
$ |
— |
|
|
$ |
48,926 |
|
Operating expenses |
|
|
58,944 |
|
|
|
30,681 |
|
|
|
7,119 |
|
|
|
96,744 |
|
Adjusted EBITDA |
|
|
(23,079 |
) |
|
|
1,264 |
|
|
|
(3,004 |
) |
|
|
(24,819 |
) |
Reconciliation of Net
Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(33,063 |
) |
|
$ |
(7,636 |
) |
|
$ |
(7,112 |
) |
|
$ |
(47,811 |
) |
Net loss attributable to
noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Net loss attributable to
Adaptive Biotechnologies Corporation |
|
|
(33,063 |
) |
|
|
(7,636 |
) |
|
|
(7,111 |
) |
|
|
(47,810 |
) |
Interest and other income,
net |
|
|
— |
|
|
|
— |
|
|
|
(3,612 |
) |
|
|
(3,612 |
) |
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
3,605 |
|
|
|
3,605 |
|
Depreciation and amortization
expense |
|
|
2,267 |
|
|
|
2,608 |
|
|
|
778 |
|
|
|
5,653 |
|
Share-based compensation
expense |
|
|
7,717 |
|
|
|
6,292 |
|
|
|
3,336 |
|
|
|
17,345 |
|
Adjusted EBITDA |
|
$ |
(23,079 |
) |
|
$ |
1,264 |
|
|
$ |
(3,004 |
) |
|
$ |
(24,819 |
) |
|
|
Three Months Ended March 31, 2023 |
|
|
|
MRD |
|
|
Immune Medicine |
|
|
Unallocated Corporate |
|
|
Total |
|
Revenue |
|
$ |
21,427 |
|
|
$ |
16,220 |
|
|
$ |
— |
|
|
$ |
37,647 |
|
Operating expenses |
|
|
56,025 |
|
|
|
31,672 |
|
|
|
7,143 |
|
|
|
94,840 |
|
Adjusted EBITDA |
|
|
(26,386 |
) |
|
|
(7,427 |
) |
|
|
(3,285 |
) |
|
|
(37,098 |
) |
Reconciliation of Net
Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(34,597 |
) |
|
$ |
(15,452 |
) |
|
$ |
(7,651 |
) |
|
$ |
(57,700 |
) |
Net loss attributable to
noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Net loss attributable to
Adaptive Biotechnologies Corporation |
|
|
(34,597 |
) |
|
|
(15,452 |
) |
|
|
(7,650 |
) |
|
|
(57,699 |
) |
Interest and other income,
net |
|
|
— |
|
|
|
— |
|
|
|
(3,024 |
) |
|
|
(3,024 |
) |
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
3,531 |
|
|
|
3,531 |
|
Depreciation and amortization
expense |
|
|
2,056 |
|
|
|
2,753 |
|
|
|
614 |
|
|
|
5,423 |
|
Share-based compensation
expense |
|
|
6,155 |
|
|
|
5,272 |
|
|
|
3,244 |
|
|
|
14,671 |
|
Adjusted EBITDA |
|
$ |
(26,386 |
) |
|
$ |
(7,427 |
) |
|
$ |
(3,285 |
) |
|
$ |
(37,098 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adaptive Biotechnologies (NASDAQ:ADPT)
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