Adaptive Biotechnologies (ADPT) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Financial Position and Operational Efficiency

• Estimated cash at 2024 midpoint is over $240 million, supporting MRD profitability by 2025 and targeted IM investments.

• Cash burn reduced by over 30% in 2024 versus 2023, dropping from $152M in 2023 to $105M in 2024, with further reductions expected in 2025.

• Operating efficiencies, workforce reorganization, and lab improvements have contributed to improved margins.

• Holds over $240M in cash and marketable securities as of December 2024, supporting ongoing R&D and commercial activities.

• Targeting adjusted EBITDA profitability in 2H 2025 and cash flow break-even in 1H 2026.

MRD Business Performance and Growth Drivers

• clonoSEQ is the only FDA-approved MRD test, driving over 40% revenue growth last year; clinical testing is 60% of revenue, biopharma 40%.

• Over 170 active trials use clonoSEQ, with 86 as clinical endpoints; clinical volumes have a 46% CAGR over five years.

• Key growth levers: blood-based testing, EMR integration (targeting >50% orders from integrated sites by year-end), and data generation.

• Strategic partnership with NeoGenomics expands clonoSEQ's reach through cross-promotion and integration into hematopathology services, with cross-selling starting in late 2024.

• clonoSEQ ASP increased 24% in 2024, with 2025 ASP expected to reach $1,300, a 24% increase from 2023.

Pharma and Regulatory Momentum

• ODAC recommended MRD as a primary endpoint for accelerated approval in multiple myeloma, driving a surge in pharma studies and clinical adoption.

• 20 new myeloma studies closed in 2024, 15 post-ODAC; 10 studies now use clonoSEQ as a primary endpoint.

• Anticipated long-term impact from ODAC, with increased pharma and clinical volumes.