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J.P. Morgan Healthcare Conference 2026 © Copyright Adaptive Biotechnologies 2026. January 12th, 2026
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2 Legal Disclaimers 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 preliminary financial results for the fourth quarter and full year ended December 31, 2025. We hav e not completed preparation of our financial statements for these periods. The revenue, cash, test volumes, and other results presented herein are preliminary and unaudited and are thus inherently uncertain and subject to change as Adaptive Biotechnologies Corporation completes its customary year -end close, prepares its financial statements and completes the audit th ereof. This presentation does not disclose estimated expenses, although we expect fourth quarter and full year 2025 net loss to decrease compared to comparable periods in 2024. T he final results for these periods may differ materially from the estimates herein. These estimates are the responsibility of management. Our independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary results. This presentation contains “forward -looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amen ded, 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 states, 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 othe r 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 tria ls and preclinical activities, research and development costs, current and prospective collaborations; the estimated 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 Fac tors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Qua rterly 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 reflecte d 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 requir ed by applicable law, we do not plan to publicly update or revise any forward -looking statements contained herein. In addition, non -GAAP financial measures such as Adjusted EBITDA are referenced in this presentation. Adjusted EBITDA is a non -GAAP financial measure that we define as net loss attributable to Adaptive Biotechnologies Corporation adjusted for interest and other income, net, interest expense, income ta x (expense) benefit, depreciation and amortization expense, impairment costs for long -lived assets, restructuring expense and share -based compensation expense.
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3 B Cells T Cells Our Source Immune Medicine: Data MRD in Heme: Diagnostics Our Business Units GENETICS DATA Our Platform 1 Full year revenue as of Decembe r 31, 2025 (preliminary, unaudited financials). 2 Cash, cash equivalents & marketable securitie s as of December 3 1, 202 5 (preliminary, unaudited financials). Excludes Digital Biote chnologie s cash and cash equivale nts. Driving immune receptor - based products 620+ Employees ~$277M Revenue1 430+ Patents issued ~$227M Cash2
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MRD A commercial stage diagnostics business
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5 MRD heme TAM ~$5.5 billion … expanding to ~$6.2 billion TAM calculated for ALL, MM, CLL, DLBCL & MCL 2024 SEER incidence and prevalence per dise as e Ke y OUS: Countries that require an IVD or regulate d LDT deployment strate gy (EU5, Australia, Japan, Israel) Current TAM Clinical Expanded Future TAM 400K patients 2.5x tests/patient 3.5x tests/patient ~$5.5B U.S. ~1.8B RoW ~1.8B Key OUS ~1.1B RoW ~1.8B Key OUS ~1.1B ~$6.2B U.S. ~2.5B Biopharma ~$0.9B ~$0.9B $1,750/test
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6 DNA sequences of VDJ region Unique dominant cancerous sequence(s) in each patient Malignant B or T cells Healthy B or T cells DNA sequences of VDJ region clonoSEQ identifies and quantifies specific cancer-associated sequences, generating MRD results that are a direct measure of the tumor, not a surrogate of disease clonoSEQ leverages the biology of B cells and T cells to count cancerous cells
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7 250+ publications 10-6 Deepest sensitivity 300M Covered lives1 173 EMR-integrated accounts MM, ALL, CLL FDA cleared clonoSEQ MOATS … strengthening gold standard position 1 300 M covered lives in ALL and MM; 265M in CLL and 90M in DLBCL EMR integrated Deep sensitivity Broad coverage FDA cleared Clinical evidence Intellectual property Clinical testing Biopharma trials
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8 $66 $87 $103 $146 ~$212 FY-21 FY-22 FY-23 FY-24 FY-25 ~65% Sequencing GM1 ‘25 +Adj. EBITDA Achieved in Q2 ‘25 34% ‘21-’25 revenue CAGR +Cash Flow Achieved in Q3 ‘25 Key MRD financial highlights Profitable business Double-digit revenue growth Operating leverage Pharma Clinical 15% CAGR 53% CAGR MRD revenue ($M) 1 GM = gross margin
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9 Clinical volume growth accelerating with penetration upside ahead 11% MCL 14% MM 8% CLL 3% DLBCLALL 31% >100k All time patients US heme-oncs1 ordered in 2025 >50% Volume CAGR ’21 -’25 44% MCL launch FY-24 DLBCL launch FY-22 51% 53% 35% 39% Sales force expansion FY-21 24k EMR integration FY-23 MCL recurrence monitoring FY-25 ~106k ~US penetration:2 1 Heme-oncs in U.S. of ~13,000 2 Based on incidence and prevale nce. Source SEER 2024 (5 years prevalence ALL, DLBCL, MCL; 10 years MM, CLL) clonoSEQ test volumes
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10 A combination of inter-related factors increasing: 1) penetration and 2) test frequency 5 key strategic drivers of clinical volume growth Blood-based testing Community presence Data generation 1 2 5 EMR integrations Guidelines 43
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11 Blood based testing & community presence driving volume growth Data generation in blood Assay enhancements in bloodBlood-based indications growth ~30% 2025 ~45% 2025 >35% 2026 >50% 2026 Blood-based testing Community Presence 1 2 Higher # of tests per patients Higher community contribution
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12 Strengthened recommendation for clonality ID test in Dx workup MRD-guided regimens & serial testing added; perform ID added in Dx workup MRD-guided transplant decision added based on MRD assessed at 10-6 1st reference to MRD added: use of ctDNA MRD to clarify PET+ result NGS MRD added in blood & in flow-neg patients; new MRD-directed Tx options Global guidelines updates supporting clonoSEQ utilization MM CLL MCL DLBCL ALL Ped 2025 3
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13 Data generation in 2025 punctuated by 90+ abstracts at ASH Robust MRD actionability data leveraging the clonoSEQ assay in all indications 4 ASH Abstract 163; EndRAD trial Avoid the toxicity of radiation conditioning prior to transplant B-ALL pediatric ASH Abstract 680 ASCO; MIDAS study Forego transplant without compromising depth of response MM ASH Abstract 1964 Abbreviate treatment to minimize toxicity in elderly patients DLBCL ASH Abstract 248; IMMUNOPLANT Identify patients athigh risk for relapse for alternative therapy MM ASH; BOVen study Guide duration of therapy using MRD at 10-6 MCL Guide treatment duration with combination therapy CLL
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14 EMR integrations expanding clonoSEQ use across care settings EMR integrated accounts expected to contribute more than 50% of 2026 volume growth Academic1 Community3 42% of community volume integrated 37% of academic volume integrated ~75% Serial monitoring orders4 ~40% Order discrepancy reduction2 118 Integrated sites 55 Integrated sites5 1 EMRs include EPIC, Cerner 2 Based on 10 larges t EPIC integrated accounts 3 EMRs include Flatiron, Copia 4 MRD orde rs place d through Flatiron using the s erial monitoring function
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15 Multiple levers contributing to ASP growth in 2025 and beyond 20252024 20292026 ~$1,400~$1,310$1,117 $1,700 - $1,800 Contracting efforts ▪ Leverage updated rates with key national and regional payers ▪ 2 remaining key national payers to close Policy expansion ▪ Commercial payers CLL, DLBCL, MCL Revenue cycle mgmt ▪ Internalize processes ▪ Increase use of AI ▪ Prior auth improvement Recurrence monitoring ▪ MCL approved ▪ CLL (filing ‘26) ▪ DLBCL/MM (post ’26) ASP
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16 Focus on expansion into CLL and DLBCL to diversify beyond MM 60% MM Current portfolio Contribution per # of studies Revenue contribution 14% NHL/other 16% CLL 10% ALL MRD Biopharma portfolio 68% 59% 38% 6% 21% 27% 46% 16% 2% 4% 10% 17% 9% 10% 6% 61% Sequencing rev Backlog Bookings Pipeline By disease state in 2025
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17 MRD plays an increasingly critical role in heme oncology clinical trials ~60% of clonoSEQ trials include MRD as endpoint Regulatory endorsement by FDA ODAC as a primary endpoint in MM Increasing interventional use of MRD in trials More sensitive measure of disease needed to differentiate therapeutics MRD evolving from exploratory to regulated, interventional biomarker 60 70 80 90 100 110 120 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Today # of trials Primary/secondary endpoint Research only 19 primary endpoints studies: 12 MM, 3 CLL, 3 ALL, 1 MCL
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18 MRD business FY 2026 expectations ▪ Clinical volume growth >30% year-over-year ▪ FY average ASP of ~$1,400 per US clinical test ▪ MRD sequencing gross margins >70% ▪ Mid-single digit millions in MRD milestones
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Immune Medicine (IM) An immune-based data discovery business
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20 TCR - antigen binding plays a key role in the immune response to disease Challenge Billions of TCRs Millions of antigens TCR-antigen AI prediction model Solution Connect cellular immune response to disease TCR-antigen binding training data to model at scale Use our data to change how many diseases are diagnosed and treated Partner for target/drug discovery; Diagnostic development at ADPT Opportunity
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21 Solving TCR- antigen binding challenge to better understand disease Enabling TCR- based target discovery for potential partners to develop Tx We have generated large scale proprietary immune receptor data 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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22 Potential Data Driven Offerings TCR-Antigen Training Data TCR-Antigen AI Prediction Model Target Discovery Partners to license a subset(s) of our training data Partners to use our capabilities to identify disease specific TCRs Data monetization opportunities Partners to use our model for specific drug development use cases
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23 2025 achievements informing future investments (1) Spondyloarthritis is a group of inflammatory rheumatic dis eases often linked to HLA -B27 gene that include ankylos ing spondylitis, uve itis and pso riatic arthritis. IM 2025 goals/achievements 2026 goals Scale TCR-antigen data and AI prediction models Closed 2 data agreements with Pfizer ▪ Investments and focus to extend training TCR-antigen data for AI/ML prediction model improvements ▪ Secure data partnerships Generate pre-clinical antibody data in lead autoimmune indication Completed pre-clinical package for TCR - depleting antibody in AS 1 ▪ Out-license / publish antibody pre-clinical data Annual cash burn of $25M-$30M FY 2025 burn of ~$30M ▪ Annual cash burn of $15M -$20M
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Adaptive Biotechnologies key takeaways 2026 Accelerate leadership position in MRD testing in blood cancers Achieve positive adjusted EBITDA and positive FCF for whole company by end of 2026 Advance immune data play