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Adaptive Biotechnologies Reports Fourth Quarter and Full Year 2022 Financial Results

On February 14, 2023 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 fourth quarter and full year ended December 31, 2022 (Filing, 8-K, Adaptive Biotechnologies, FEB 14, 2023, View Source [SID1234627162]).

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"We finished the year with 20% revenue growth, driven by both our MRD and Immune Medicine business areas," said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. "2023 has started strong and I am encouraged to see how momentum is building. We are growing revenue, advancing our pipeline and managing operating expenses with the capital to fuel sustainable growth and execute towards our goals."

Recent Highlights

Revenue of $55.2 million for the fourth quarter and $185.3 million for the full year of 2022, representing a 46% increase and 20% increase over the corresponding periods in 2021, respectively.

clonoSEQ test volume increased 54% to 10,526 tests delivered in the fourth quarter of 2022, compared to the fourth quarter 2021 and ended the year with 36,871 tests delivered, up 51% versus 2021.

Launched clonoSEQ to assess MRD in patients with diffuse large B-cell lymphoma (DLBCL), the most common type of non-Hodgkin’s lymphoma, with Medicare coverage.

Delivered 2 additional TCR data packages to Genentech.

Strengthened our capital position, ending the year with $498.2 million in cash, cash equivalents and marketable securities.

Provided long-term guidance including a 20%-30% revenue CAGR, positive adjusted EBITDA in 2025 and cash flow breakeven in 2026.
Fourth Quarter 2022 Financial Results

Revenue was $55.2 million for the quarter ended December 31, 2022, representing a 46% increase from the fourth quarter in the prior year. Immune Medicine revenue was $27.1 million for the quarter, representing a 27% increase from the fourth quarter in the prior year. MRD revenue was $28.1 million for the quarter, representing a 70% increase from the fourth quarter in the prior year.

Operating expenses were $94.4 million for the fourth quarter of 2022, compared to $99.5 million in the fourth quarter of the prior year, representing a decrease of 5%. Interest expense from our revenue interest purchase agreement was $3.6 million in the fourth quarter of 2022.

Net loss was $40.2 million for the fourth quarter of 2022, compared to $61.4 million for the same period in 2021.

Adjusted EBITDA (non-GAAP) was a loss of $19.6 million for the fourth quarter of 2022, compared to a loss of $44.9 million for the fourth quarter of the prior year.

Full Year 2022 Financial Results

Revenue was $185.3 million for the year ended December 31, 2022, representing a 20% increase from the prior year. Immune Medicine revenue was $98.2 million in 2022, representing an 11% increase from 2021. MRD revenue was $87.1 million in 2022, representing a 32% increase from the prior year.

Operating expenses for 2022 were $385.5 million, compared to $363.3 million for 2021, representing an increase of 6%. Interest expense from our revenue interest purchase agreement was $4.2 million in 2022.

Net loss was $200.4 million in 2022, compared to $207.3 million in 2021.

Adjusted EBITDA (non-GAAP) was a loss of $121.6 million for 2022, compared to a loss of $151.7 million in the prior year.

Cash, cash equivalents and marketable securities was $498.2 million as of December 31, 2022.

2023 Financial Guidance

Adaptive Biotechnologies expects full year 2023 revenue to be in the range of $205 million to $215 million.

We expect operating expenses, including cost of revenue, to be below full year 2022 operating expenses of $385.5 million.

Management will provide further details on the 2023 outlook during the conference call.

Webcast and Conference Call Information

Adaptive Biotechnologies will host a conference call to discuss its fourth quarter and full year 2022 financial results after market close on Tuesday, February 14, 2023 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.

Aligos Therapeutics to Present Program Updates at the 32nd Conference of the Asian Pacific Association for the Study of the Liver

On February 14, 2023 Aligos Therapeutics, Inc. (Nasdaq: ALGS), a clinical stage biopharmaceutical company focused on developing novel therapeutics to address unmet medical needs in NASH and viral diseases, reported that the company will deliver several oral and poster presentations at the 32nd Conference of the Asian Pacific Association for the Study of the Liver (APASL), being held Feb 15 – 19 in Taipei, Taiwan at the Taipei International Convention Center (Press release, Aligos Therapeutics, FEB 14, 2023, View Source [SID1234627156]). Aligos will present data for ALG-055009, its THR-β agonist in development for nonalcoholic steatohepatitis (NASH), as well as for several clinical and nonclinical investigational agents from its chronic hepatitis B (CHB) portfolio.

"At this year’s APASL meeting, we look forward to presenting data from several of our ongoing programs including ALG-055009, our thyroid hormone receptor-beta (THR-β) agonist in development for NASH for which we are conducting Phase 2-enabling activities to enable a Phase 2 filing by the end of this year," said Lawrence Blatt, Ph.D., MBA, CEO and Chairman of the Board at Aligos. "In addition, we are pleased to show exciting data for our CAM-E, ALG-000184, demonstrating notable reductions in HBsAg levels in patients with HBeAg-positive CHB."

Presentation details are as follows. Posters will be available for viewing throughout the conference.

NASH program

Poster presentation

Title: Safety, Pharmacokinetics (PK) and Pharmacodynamics (PD) of Single and Multiple Ascending Oral Doses of ALG-055009, a Thyroid Hormone Receptor Beta (THR-β) Agonist for the Treatment of Non-Alcoholic Steatohepatitis (NASH), in Healthy Volunteers and Subjects with Hyperlipidaemia
Presenter: Hakim Charfi, M.D.
Poster number: PH-025

Chronic hepatitis B program

Oral presentations

Title: The Capsid Assembly Modulator ALG-000184 Dosed for 28 Days Was Well Tolerated and Rapidly Reduced Viral Markers in Subjects with Chronic Hepatitis B, Including HBsAg in a Subset of HBeAg Positive Subjects with Elevated Baseline ALT
Presenter: Ed Gane, MBChB, M.D.
Presentation date/time: Thursday, February 16, 14:40 – 14:55 Taipei Standard Time (TST)
Presentation location: 3F North Lounge
Session title: HBV (Clinical) and HCV
Presentation number: FP03-16

Title: ALG-000184, a Capsid Assembly Modulator, Demonstrates Superior Antiviral Activity in Combination with Entecavir Compared to Entecavir in HBeAg Positive Subjects with Chronic Hepatitis B infection
Presenter: Jinlin Hou, M.D.
Presentation date/time: Thursday, February 16, 14:55 – 15:10 TST
Presentation location: 3F North Lounge
Session title: HBV (Clinical) and HCV
Presentation number: FP03-17

Title: A Preclinical Profile of ALG-125755, a GalNAc-siRNA Targeting HBV
Presenter: Jin Hong, Ph.D.
Presentation date/time: Saturday, February 18, 11:35 – 11:50 TST
Presentation location: 3F South Lounge
Session title: HBV (Basic)
Presentation number: FP11-59

Poster presentations

Title: Effect of the Capsid Assembly Modulator (CAM) ALG-000184 on HBsAg Levels in Subjects with HBeAg Positive Chronic Hepatitis B (CHB)
Presenter: Jinlin Hou, Ph.D.
Poster number: PC-019

Title: Preclinical Antiviral, Pharmacological and Toxicological Characteristics of ALG-000184, a Prodrug of the Novel HBV Capsid Assembly Modulator ALG-001075
Presenter: Andreas Jekle, Ph.D.
Poster number: PB-007

Title: Safety, Tolerability and Pharmacokinetics (PK) of Single Ascending Doses of ALG-125755, a GalNAc-Conjugated Small Interfering RNA (siRNA), in Healthy Volunteers (HV)
Presenter: Ed Gane, MBChB, M.D.
Poster number: PPB-043

Title: Discovery of a Liver-Targeted PD-L1 Small Molecule Inhibitor for the Treatment of Chronic Hepatitis B and Liver Cancer
Presenter: Heleen Roose, Ph.D.
Poster number: PB-010Aligos Therapeutics, Inc. (Nasdaq: ALGS), a clinical stage biopharmaceutical company focused on developing novel therapeutics to address unmet medical needs in NASH and viral diseases, reported that the company will deliver several oral and poster presentations at the 32nd Conference of the Asian Pacific Association for the Study of the Liver (APASL), being held Feb 15 – 19 in Taipei, Taiwan at the Taipei International Convention Center. Aligos will present data for ALG-055009, its THR-β agonist in development for nonalcoholic steatohepatitis (NASH), as well as for several clinical and nonclinical investigational agents from its chronic hepatitis B (CHB) portfolio.

Presentation details are as follows. Posters will be available for viewing throughout the conference.

NASH program

Poster presentation

Chronic hepatitis B program

Oral presentations

Poster presentations

Title: Effect of the Capsid Assembly Modulator (CAM) ALG-000184 on HBsAg Levels in Subjects with HBeAg Positive Chronic Hepatitis B (CHB)
Presenter: Jinlin Hou, Ph.D.
Poster number: PC-019

Title: Discovery of a Liver-Targeted PD-L1 Small Molecule Inhibitor for the Treatment of Chronic Hepatitis B and Liver Cancer
Presenter: Heleen Roose, Ph.D.
Poster number: PB-010

PROPELLER Trial Results – SAR-bisPSMA Safe, Well Tolerated and Efficacious in the Detection of Prostate Cancer

On February 14, 2023 Clarity Pharmaceuticals (ASX: CU6) ("Clarity"), a clinical-stage radiopharmaceutical company with a mission to develop next-generation products that improve treatment outcomes for children and adults with cancer, reported favourable imaging data from its Phase I diagnostic trial of 64Cu SAR-bisPSMA in prostate cancer, PROPELLER (NCT 048393671)1. This follows the announcement of top line data in December 2022 (Press release, Clarity Pharmaceuticals, FEB 14, 2023, View Source [SID1234627155]).

This data is currently being presented via a poster at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Genitourinary (GU) Symposium in San Francisco. The poster will be available on Clarity’s website once released at ASCO (Free ASCO Whitepaper) GU.

The PROPELLER trial evaluated 30 patients with confirmed prostate cancer prior to undergoing radical prostatectomy (surgical removal of the prostate) and lymph node dissection (removal). In addition to the primary (safety, tolerability, imaging efficacy) and secondary (determining the optimal dose for subsequent investigation) endpoints, the study also compared the diagnostic properties of Clarity’s 64Cu SAR-bisPSMA product to 68Ga PSMA-11, an approved standard-of-care (SOC) product for prostate cancer imaging in Australia and the US, as an exploratory objective.

The comparison evaluated prostate cancer detection and the intensity of product uptake within the same lesions (the higher the uptake, the brighter and more visible the lesion appears on the scan). The uptake of the products was measured by maximum Standardised Uptake Values (SUVmax) on the PET scans. Importantly, all scans were evaluated by two independent, blinded, central readers.

Clarity’s Executive Chairman, Dr Alan Taylor, commented, "64Cu SAR-bisPSMA detected prostate cancer lesions that are more defined and brighter on the scans than the current SOC product, 68Ga PSMA-11. This may enable detection of smaller lesions that would have otherwise gone undetected. Arming clinicians with more accurate diagnostic information helps them determine the best course of treatment for their patients and may sometimes make the difference between the removal of the prostate, a severe and life-changing surgery, and other options that may be more effective in treating the patient’s cancer while enabling better quality of life post treatment. This patient-centric approach, reinforced by the flexibility in the timing of the scan, centralised product manufacture and its broad distribution to any imaging centre with a PET camera, would be a true paradigm shift in the management of prostate cancer. We are continuing to work diligently towards the start of the diagnostic Phase III trial of SAR-bisPSMA in the US in order to make this product available to the patients who need it most."

Prof Louise Emmett, (St Vincent’s Hospital Sydney), Principal Investigator in the PROPELLER trial, commented, "It is very encouraging to see such positive imaging results from 64Cu SAR-bisPSMA, an agent we are very pleased to work with. The higher SUVmax was consistent across both independent, blinded, central readers, and, importantly, as shown on the images on the poster, 64Cu SAR-bisPSMA was able to detect disease outside of the primary lesion that was not detected with 68Ga PSMA-11. This is a very important result when it comes to patient management, and we are looking forward to further exploring these findings as we aim to better understand the benefits of 64Cu SAR-bisPSMA during the Phase III trial. With the high uptake of the product in tumours as well as the additional benefits of later imaging timepoints, we will continue to be involved in SAR-bisPSMA trials with the ultimate purpose of improving outcomes for our patients."

Results
64Cu SAR-bisPSMA was shown to be safe and well tolerated across all patients, with only 1 patient in 30 reporting a metallic taste that was mild in nature (Grade 1).

A dose of 200 MBq was determined to be the optimal dose compared to other dose levels. All trials with 64Cu SAR-bisPSMA, both currently and in the future, will be undertaken at this dose level.

64Cu SAR-bisPSMA reported higher SUVmax values compared to 68Ga PSMA-11 in the 200 MBq dose cohort (n=18), according to both readers. Images from two patients comparing the 64Cu SAR-bisPSMA and 68Ga PSMA-11 scans are depicted below in Figure 1.

In this cohort, Reader 1 was able to detect primary prostate cancer in 100% of patients when 64Cu SAR-bisPSMA was used, while 68Ga PSMA-11 showed the cancer in 77.8% of patients. Similarly, Reader 2 detected primary prostate cancer in 85.7% of patients using 64Cu SAR-bisPSMA and in 83.3% of patients when using 68Ga PSMA-11.

In one patient, secondary disease was detected by 64Cu SAR-bisPSMA in a pelvic lymph node that was not detected by 68Ga PSMA-11 (see Figure 2). The lymph node was subsequently determined to be positive for prostate cancer by histopathology.

AmunBio to Present Scientific Data for AMUN-003 at the 2022 San Antonio Breast Cancer Symposium (SABCS)

On November 22, 2022 AmunBio, Inc., an early, pre-clinical stage biotechnology company focused on developing and commercializing novel engineered immunotherapeutic oncolytic viruses, reported a presentation, on Tuesday, December 6, 2022, at the 45th annual San Antonio Breast Cancer Symposium (SABCS) in San Antonio, Tx., of the pre-clinical study results of AMUN-003, an investigational, first-in-class, immuno-oncologic adenovirus being developed for the treatment of multiple solid tumors, including aggressive, metastasized, triple-negative breast cancer (TNBC) (Press release, Amunbio, FEB 14, 2023, View Source [SID1234627147]).

The development of oncolytic viral therapies, which represents a unique therapeutic paradigm within Immuno-Oncology, promises a new approach for the treatment of human cancers. AmunBio has developed a proprietary platform technology that has the potential to generate a strong pipeline of patient-centric next-generation engineered immunotherapeutic oncolytic viruses for the treatment of cancer, including triple-negative breast cancer (TNBC) and hematological malignancies.

"I believe that AmunBio’s platform technology will result in a fundamental shift of the treatment of human cancers, augmenting existing and novel treatment modalities, compared to what is possible today," said V.K. Gadi, MD, Ph.D., Deputy Director of University of Illinois Cancer Center, and a lead scientific advisor to AmunBio.

"Inside their microenvironment, many advanced solid cancers, including TNBC are hostile to the immune system and greatly minimize the effectiveness of immunotherapy. AMUN-003 is an advanced generation oncolytic adenovirus that selectively enters cancer cells followed by viral reproduction and destruction of the cancer cell on exit," Gadi added.

"During cellular infection, AMUN-003 has been engineered to produce two proteins that stimulate the immune response (GM-CSF) and sequesters an inhibitor of the immune response (TGF-b). Our data, which will be presented at SABCS this year, shows that in a highly aggressive TNBC model AMUN-003 demonstrates single agent safety and efficacy. Moreover, in the same TNBC model, combination therapy with immune Checkpoint Inhibitors synergizes with the AMUN-003, resulting in significant inhibition of further metastatic spread. Additional pre-clinical studies are underway to advance this technology into clinical trials," Gadi concluded.

Presentation details

Poster ID: PD2-03
Poster Title: Targeting TGF-b and over-expressing GM-CSF in the Tumor Microenvironment (TME) with AMUN-003 Inhibits Tumor Growth and Metastases and Augments Immune Checkpoint Inhibitor (ICI) Response in triple-negative breast cancer (TNBC)
Date/Time: December 6, 2022, 5:00 PM – 6:15 PM CST
The San Antonio Breast Cancer Symposium (SABCS), which takes place December 6-10, 2022, in San Antonio, Tx, is the premier conference for basic, translational, and clinical cancer research professionals and provides state-of-the-art information on the experimental biology, etiology, prevention, diagnosis, and therapy of breast cancer and pre-malignant breast disease.

About Breast Cancer

Breast cancer remains the most common diagnosed cancer in women and the second most common cancer overall. [1][2][3] Over 2.3 million new cases and 685,000 deaths from breast cancer occurred in 2020 and experts predict that by 2040 the burden of breast cancer will increase to over 3 million new cases and 1 million deaths every year because of population growth and aging alone.[4]

About Triple-negative Breast Cancer (TNBC)

Triple-negative breast cancer (TNBC), the most aggressive subtype of breast cancer, accounts for approximately 15% of all cases of breast cancers diagnosed worldwide. This subtype of breast cancer is associated with poor prognosis, as defined by low a five-year survival and high recurrence rates after adjuvant therapy. [5] TNBC, which lacks expression of the estrogen receptor (ER) and progesterone receptor (PR) and has only limited or no human epidermal growth factor receptor 2 (HER2) expression, is, unlike other subtypes of breast cancer (i.e., ER+, HER2+), more commonly diagnosed in women younger than 40 years, and disproportionately affects black women. [6] Because TNBC is not sensitive to endocrine therapy or HER2 treatment, effective standard treatment options are extremely limited. Since there are no approved targeted treatments available for the TNBC today, there is an urgent medical need to develop new treatment strategies. [7]

About AMUN-003

AMUN-003 is an investigational, first-in-class, Immuno-Oncologic adenovirus being developed for the treatment of multiple solid tumors, including aggressive, metastasized, triple-negative breast cancer (TNBC), melanoma, and other solid tumors. AMUN-003 blocks suppression of the immune response inside the tumor, stimulates the recruitment of cancer-killing immune cells and avoids non-specific inflammation. Preclinical studies with AMUN-003 in breast cancer alone, compared to prior oncolytic virus constructs, have demonstrated near-complete breast cancer inhibition. Furthermore, in preclinical studies, a single dose of AMUN-003 delayed the progression of TNBC, while a single dose of the investigational drug, in combination with Checkpoint Inhibitors, demonstrated significant inhibition of subcutaneous tumor growth and a more durable anti-cancer response. Based on these preclinical findings, treatment with AMUN-003 may lead to long-term protection from cancer recurrence. Following a planned Investigational New Drug (IND) application, which is expected in early 2023, AmunBio is planning multiple Phase 1 clinical trials of AMUN-003, alone or in combination with Checkpoint Inhibitors, in triple-negative breast cancer (TNBC), Melanoma, Non-Small Cell Lung Cancer (NSCLC), Bladder cancer and Head & Neck Cancer, to start in late 2023/early 2024.

Odimma partners with myNEO for the clinical development of its personalized DNA-based cancer immunotherapy

On February 13, 2023 Odimma Therapeutics (Strasbourg, France), a biopharmaceutical company developing an innovative immunotherapy platform dedicated to the treatment of cancer and myNEO (Ghent, Belgium), a data-driven neoantigen discovery company, reported that they are expanding their existing collaboration into a clinical trial collaboration agreement (Press release, myNEO Therapeutics , FEB 13, 2023, View Source [SID1234640210]). The agreement combines Odimma’s synthetic DNA vaccine technology with myNEO’s data analysis platform for fast and accurate per-patient identification and selection of neoantigen targets predicted to elicit strong immune responses. The agreement covers a phase I and phase II clinical trial in solid tumors.

After combining Odimma’s DNA vaccine technology with neoantigens identified by myNEO and achieving promising preclinical results in mice last year, both companies decided to continue the successful collaboration into a clinical-stage program. myNEO will utilize its proprietary, best-in-class machine learning algorithms to screen the mutational profile of individual patients to investigate personalized highly immunogenic neoantigens. For this, myNEO will explore the complete genomic profile of the tumor to find more and novel sets of highly immunogenic neoantigenic sources.

"We strongly believe that the accurate prediction of immunodominant neoantigens along with the potency of the immunization platform are the two key drivers for the success of personalized immunotherapy," said Dr Jean-Marc Limacher, Chairman of the board and co-founder of Odimma. "We are very confident that the Artificial Intelligence solution developed by myNEO will give each patient the best chances of response to immunotherapy."

Odimma will manufacture the vaccine for each patient individually using its ODI-2001 candidate. The synthetic DNA vector vaccine will encode for up to 20 patient-specific tumor neoantigens, selected by myNEO, aiming to induce a potent and precise immune response against the patient’s unique tumor. The proven enhanced efficacy results in mice – compared to other vaccines targeting the same neoantigen – together with the rapid manufacturing process Odimma has developed, highlight the potential of the technology in a personalized setting.

"The myNEO project team is excited to have Odimma as our newest partner, and to be able to enter the field of DNA cancer vaccines," said Cedric Bogaert, Chief Executive Officer and co-founder of myNEO. "We are fully convinced that a more patient-centric approach of evaluating and targeting the tumor will be an essential part of the future, and different parallel revolutions have enabled to incorporate it in a cost-efficient and logistically feasible process. The Odimma technology provides an innovative new avenue to bring the breakthroughs of personalized tumor targeting models to the patients."

The clinical phase I aims to test the personalized synthetic DNA vaccine as monotherapy in solid tumors and will be conducted in France. The trial is expected to be initiated in Q4 2023 to primarily assess feasibility and safety but also to collect early signs of efficacy. A program of translational research is closely associated to this first clinical trial.