Adaptive Biotechnologies (ADPT) 44th Annual J.P. Morgan Healthcare Conference summary

Business Overview and Financial Performance

• Focused on MRD diagnostics for blood cancers and immune medicine, leveraging proprietary immune receptor sequencing technology.

• Preliminary 2025 revenue reached approximately $277M, with MRD business now profitable, positive adjusted EBITDA in Q2 2025, and positive cash flow in Q3 2025.

• Revenue has grown at a 34% CAGR (2021-2025), with clinical revenue at 53% CAGR and sequencing gross margins around 65%, driven by lab efficiencies and NovaSeq transition.

• Over 100,000 patients tested with clonoSEQ; more than 50% of U.S. hematologists/oncologists have used the test in 2025.

• Expecting positive adjusted EBITDA and free cash flow for the entire company by end of 2026.

Market Opportunity and Product Positioning

• MRD heme total addressable market (TAM) is expanding from $5.5B to $6.2B globally, with U.S. clinical market at $1.8B and potential for $700M expansion via increased testing frequency.

• clonoSEQ is the only FDA-cleared MRD assay in lymphoid malignancies, EMR-integrated, supported by over 250 publications, 430+ issued patents, and strong IP protection.

• Over 300M covered lives for ALL and MM, with broad clinical and biopharma adoption.

Growth Drivers and Clinical Adoption

• Key growth drivers: blood-based testing, community setting expansion, guideline inclusion, robust data generation, and deep EMR integration.

• Blood-based testing now 47% of Q4 tests; community setting contributed 18% quarter-over-quarter growth.

• Clinical test volumes grew at a 44% CAGR from 2021 to 2025, with EMR integrations expected to contribute over 50% of 2026 volume growth.

• EMR integration led to faster volume growth, higher testing frequency, and improved operational efficiency.