On May 12, 2020 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, reported financial results for the quarter ended March 31, 2020 (Press release, Adaptive Biotechnologies, MAY 12, 2020, View Source [SID1234557598]).
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"Adaptive’s immune medicine platform was built to decode the specific immune response to any disease, which we are now applying in full force to COVID-19," said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. "Importantly, we are able to do this while maintaining focus on our current products and future pipeline."
Recent Highlights
Revenue of $20.9 million for the first quarter of 2020, representing a 65% increase over the corresponding period in 2019
Clinical tests for clonoSEQ increased 75% to 3,518 clinical tests in the first quarter of 2020, compared to the first quarter 2019
Extended existing partnership with Microsoft to decode the adaptive immune response to COVID-19 and potentially develop an improved diagnostic; data to be made publicly available
Announced strategic partnership with Amgen to leverage Adaptive’s immune medicine platform to discover and develop therapeutic antibodies for COVID-19
Executed South San Francisco lease expansion to construct personalized cell therapy prototyping lab for Genentech collaboration
First Quarter 2020 Financial Results
Revenue was $20.9 million for the quarter ended March 31, 2020, representing a 65% increase from the first quarter in the prior year. Sequencing revenue was $9.5 million for the quarter, representing a 56% increase from the first quarter in the prior year. Development revenue increased to $11.4 million for the quarter, representing a 74% increase from the first quarter in the prior year.
Operating expenses were $55.5 million for the first quarter of 2020, compared to $32.7 million in the first quarter of the prior year, representing an increase of 70%.
Net loss was $31.4 million for the first quarter of 2020, compared to $18.4 million for the same period in 2019.
Adjusted EBITDA (non-GAAP) was a loss of $28.0 million for the first quarter of 2020, compared to a loss of $15.2 million for the first quarter of the prior year.
Cash, cash equivalents and marketable securities was $655.8 million as of March 31, 2020.
2020 Financial Guidance
Given the ongoing uncertainty of the scope, duration and impact of the COVID-19 pandemic, Adaptive Biotechnologies is withdrawing its previously announced annual revenue guidance for 2020, which was issued on February 26, 2020.
Webcast and Conference Call Information
Adaptive Biotechnologies will host a conference call to discuss its first quarter financial results after market close on Tuesday, May 12, 2020 at 4:30 PM Eastern Time. The conference call can be accessed at View Source The webcast will be archived and available for replay at least 90 days after the event.