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© Copyright Adaptive Biotechnologies 2026. Fourth Quarter and FY 2025 Earnings Conference Call
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2 Safe Harbor This presentation has been prepared by Adaptive Biotechnologies Corporation (“we,” “us,” “our,” “Adaptive” or the “Company”) and is made for informational purposes only. The information set forth herein does not purport to be complete or to contain all relevant information. Statements contained herein are made as of the date of this presentation unless stated otherwise. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our development plans, our preclinical and clinical results and other future conditions. In some cases, you can identify forward -looking statements by the following 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. All statements, other than statements of historical facts, contained in this presentation are forward looking statements, including statements regarding the ability to map adaptive immune responses to target disease sta tes, the ability to leverage any such findings to advance solutions to diagnose, treat and prevent diseases; regarding our future financial or business performance, conditions, plans, prospects, trends or strategies and other financial and business matters; our current and prospective products and product candidates; FDA clearance or authorization of any products; planned non-IDE clinical studies, clinical trials and preclinical activities, research and development costs, current and prospective collaborations; the estim ated size of the market for our products and product candidates; the timing and success of our development and commercialization of current products and product candidates, and the other risks and uncertainties described in our filings with the Securities and Exchange Commission including the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Quarterly Report on Form 10-Q and our Annual Report on Form 10-K, including our most recent Annual Report on Form 10-K filed on March 3, 2025. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Risks and uncertainties could cause actual results to differ materially from those expressed in our forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein. In addition, non-GAAP financial measures are included in this presentation. Please see tables in appendix for reconciliation to the most directly comparable GAAP measures.
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3 2025: a year marked by execution and progress 1 Cash, cash equivalents & marketable securities as of December 31, 2025. Excludes Digital Biotechnologies, Inc.'s cash. All figures are rounded. IM MRDFinancial results Revenue performance: ▪ FY’25 $277M (+55% Y/Y) ▪ MRD: $212M ▪ IM: $65M ▪ Scaled TCR-antigen data ▪ Monetized data with 2 distinct Pfizer data licensing deals ▪ Completed pre-clinical package for TCR-depleting antibody in ankylosis spondylitis Strong execution Continued advancementsDisciplined capital allocation Strong balance sheet: ▪ $227M in cash1 ▪ Cash1 burn reduction 68% Y/Y FY’25 OPEX $334M (-2% Y/Y) ▪ Revenue grew 46% Y/Y ▪ Expanded coverage for MCL recurrence monitoring ▪ Integrated clonoSEQ into OncoEMR ▪ Launched NovaSEQ X Plus ▪ Achieved positive adj. EBITDA and positive cash flow
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MRD Performance and Outlook
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5 © Copyright Adaptive Biotechnologies 2026. Confidential. 16,361 17,854 19,105 20,302 22,368 24,624 26,362 29,327 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Blood based 47% of MRD tests in blood in Q4’25 Clinical testing revenue growth driven by strong volume and ASP increases Clinical testing revenue growth Y/Y: 59% for Q4 2025; 64% for FY 2025 clonoSEQ test volumes 27,111 18,520 19,600 20,945 23,117 25,321 17,040 30,038 clonoSEQ tech transfer volume (Int'l)clonoSEQ US volume 6% 7% 7% 10% 10% 9% 11% Q3’25Q2’25Q1’25Q4’24Q3’24Q2’24Q1’24 Q4’25 clonoSEQ US test volume drivers Community 33% of tests from community in Q4’25 EMR 173 integrated accts by Q4’25 vs ~20 by Q4’24 NCCN guidelines Favorable updates in all covered indications Data Significant evidence including 90+ abstracts at ASH
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6 © Copyright Adaptive Biotechnologies 2026. Confidential. Contracting (at new gapfill rate) and policy wins Revenue cycle mgmt. improvements ▪ 8 major contract renegotiations ▪ 3 major new contracts closed ▪ CLL and DLBCL commercial coverage policy expansions ▪ Right-sized mkt access team ▪ Improved commercial 1 cash collections (+74% Y/Y) ▪ Improved Medicare Advantage billing process and TAT ASP increase driven by key contract wins and operational efficiencies Received 1st Medicare recurrence monitoring coverage in MCL; expect to file for CLL recurrence monitoring in 2026 ASP FY ‘24 $1,117 FY ‘25 $1,307 1 Includes Medicare Advantage payors.
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7 © Copyright Adaptive Biotechnologies 2026. Confidential. MRD pharma: strong performance with momentum in MM, CLL and DLBCL MRD plays an increasingly critical role in blood cancer clinical trials Regulatory endorsement (FDA draft guidance) of MRD as a primary endpoint in MM for accelerated approvals ~60% of clonoSEQ trials include MRD as endpoint vs ~40% in 2024 More sensitive measure of disease needed to differentiate therapeutics ▪ FY’25 revenue growth of 20% Y/Y (11% excluding milestones) ➢ $19.5M in milestone revenue recognized in 2025 ▪ Q4’25 revenue growth of 45% Y/Y (24% excluding milestones) ➢ $3M in milestones recognized in Q4’25 ▪ ~$210M backlog at the end of 2025 ➢ CLL/ALL bookings more than tripled Y/Y
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8 © Copyright Adaptive Biotechnologies 2026. Confidential. 2026 MRD key goals Increase testing in blood:>50% of clonoSEQ MRD testing done in blood ❑ Clinical ASP (US): average of ~$1,400/test for FY 2026 EMR integrations:integrate ~40 additional accounts Community presence:>35% of clonoSEQ testing coming from community setting Data generation:MM (MASTER-2); ALL (CAR-CURE); additional readouts (EndRAD, Veneto-STOP, BOVen) ❑ Pharma: increase registrational studies in MM, CLL, DLBCL ❑ clonoSEQ test volumes: >30% growth versus FY 2025 ❑ Margins: expand sequencing gross margin to >70%; expand adjusted EBITDA margin
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Immune Medicine (IM) Advancements and Outlook
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10 Scaling proprietary immune receptor data to better understand disease Large scale TCR- antigen binding data to computationally predict T-cell specificity in many diseases Differentiated TCR target discovery that enables partners to develop immune-based Tx T-cell receptor data TCR-antigen data at scale >5M paired TCRs to antigen (vs 40k publicly available) Sufficient data to train and build AI model TCR-antigen AI model 4 autoimmune diseases Publications/findings Public TCR signatures of disease (target discovery) with identified TCRs involved in disease ▪ Celiac Disease - bioRxiv ▪ Crohn’s and UC - Journal of Crohn's and Colitis
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11 IM 2025 achievements lead to 2026 strategic goals (1) Spondyloarthritis is a group of inflammatory rheumatic diseases often linked to HLA-B27 gene that include ankylosing spondylitis, uveitis and psoriatic arthritis. IM 2025 achievements 2026 areas of focus Scale TCR-antigen data and AI prediction models Closed 2 distinct data deals with Pfizer Investments and focus to extend TCR- antigen training data for AI/ML prediction model improvements Generate pre-clinical antibody data in lead autoimmune indication Completed pre-clinical package for TCR- depleting antibody in AS1 Decision to discontinue therapeutic development and explore out-license / publish antibody pre-clinical data Annual cash burn of $25M-$30M FY 2025 burn of ~$30M Annual cash burn of $15M-$20M Secure data partnerships
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12 $84.52 $81.32 Q4 2025Q4 2024 18.0 23.2 21.6 18.1 18.2 21.8 24.5 19.6 Q4 and FY 2025 financial highlights 1 Amounts exclude the non-cash revenue recorded under the Immune Medicine segment related to the amortization of the upfront andmilestone payments received from GNE. The following amounts were excluded from the respective periods: Q4’24: $3.5M; FY’24: $13.5M; FY'25: $41.3M. 2 Includes expenses related to GNE and $0.4M in quarterly amortization of intangible assets. 3 Excludes one-time asset impairment charges of $7.2M in FY'24. 4 Adj. EBITDA is a non-GAAP financial measure. Excludes the impact of revenue from GNE. 5 Expenses related to Digital Biotechnologies, Inc. are no longer included in the IM segment and are now included in Unallocated Corporate. All figures are rounded. Q4 and FY 2025 financial highlights ($M) MRD IM5 Unallocated Corporate5 Q4’24 Q4’25 FY’24 FY’25 Q4’24 Q4’25 FY’24 FY’25 Q4’24 Q4’25 FY’24 FY’25 Revenue1 40.1 61.9 145.5 212.3 3.8 9.8 20.0 23.4 N/A N/A OPEX2, 3 55.0 60.2 222.9 232.1 19.7 18.4 84.2 77.8 6.6 5.9 27.2 24.2 Adj. EBITDA4 (6.6) 10.4 (41.2) 15.2 (9.9) (3.0) (37.9) (31.0) (3.5) (3.2) (14.7) (13.3) MRD Immune medicine (excl. GNE) G&A COR S&M R&D All revenue and adj. EBITDA figures exclude revenue from GNE amortization (for all periods) Segment Performance ($M) Total Revenue (excluding GNE1) +63% +54% +157% $44.0 $71.7 61.9 9.8 40.1 3.8 Q4 2025Q4 2024 Total OPEX2
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13 FY 2026 guidance ◼ FY 2026 revenue guidance: ❑ MRD revenue between $255M and $265M → +22% Y/Y1 ; +30% Y/Y 1 excl. milestones ➢ MRD milestones between $8M and $9M ◼ FY 2026 operating expenses guidance: ❑ OPEX between $350M and $360M → +6% Y/Y2 Achieve positive adjusted EBITDA and positive FCF for whole company by end of 2026 1 At mid-point of FY 2026 MRD revenue guidance range and mid -point of the MRD milestones. 2 At mid-point of FY 2026 operating expenses guidance range.
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14 Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information 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):
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15 Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information The following table sets forth segment information for each of the periods presented (in thousands):