Good afternoon. Thanks for joining us here on the afternoon session of the second day of William Blair's Growth Stock Conference. If you don't know me, my name's Andrew Brackmann. I'm the diagnostics equity research analyst here at the firm. We're very happy to have the team from Adaptive Biotechnologies joining us today. We have the CEO, Chad Robins, and from investor relations, we have Karina here in the front row. We're going to go through about a 30-minute slide presentation in this room, and then we'll do the breakout in Jenny B. Before handing it over to Chad, I am required to tell you that for a list of full research disclosures, please visit williamblair.com. With that, Chad, take it away. Awesome. I'm on? Okay, great. Thank you. Yeah, thanks a lot, Andrew. Really appreciate the opportunity to present once again at William Blair. Welcome to everyone in the room and for everyone listening to the webcast online. As the obligatory reminder, we will be making forward-looking statements throughout the presentation and in the breakout afterwards that Andrew mentioned. For those of you who are new to Adaptive Biotechnologies and the story, I'm going to give you a quick overview. We were founded 16 years ago now, out of the Fred Hutch Center in Seattle. We've been public since 2019. We have over 620 employees, about $277 million in revenue at the end of 2025, and we have a strong cash position of $220 million. Adaptive was really built on the premise that if we can both read and translate the genetics of the adaptive immune system, T and B cells, that we can fundamentally improve how diseases are both diagnosed and treated. That's the premise. Today, we operate in two distinct business units that are derived from the same core foundation. The first is in minimal residual disease or MRD, and this is a commercial-stage diagnostic business for patients who have blood cancers. The second is our IM or Immune Medicine business. This is focused on interpreting that immune receptor data that I just discussed to drive insights across a broad range of immunological applications. Let's look at each one of these businesses. We'll start with MRD and what is really our flagship product called clonoSEQ. Okay. clonoSEQ is well established. It's really the gold standard in MRD testing for blood cancer patients. It's also the test of choice for pharma companies in the space. A little bit of a historical context, Adaptive was the first company to do next-generation sequencing or NGS MRD. As also shown on the slide, the moats around clonoSEQ and our progress to date is really quite evident. It is by far the most sensitive NGS test in the heme market. It's backed by an incredibly strong IP portfolio with more than 250 peer-reviewed publications. It's the only FDA-cleared MRD assay in lymphoid cancers, and that reinforces our sensitivity, our reliability, and our reproducibility in routine clinical care underpinning our pharma business. We have exceptional coverage with over 300 million covered lives, and we're being used today in over 160 active pharma trials, and it's a clinical endpoint in about half of those trials. We just recently passed a really nice milestone. Over 100,000 patients have used the clonoSEQ test to monitor disease, and over 50% of U.S. hem-oncs now use and order the test as of last year. If you take these all together, these moats make clonoSEQ very difficult to displace clinically, and again, it's the platform of choice for biopharma trials. Yeah, let's actually dive in and talk about the exquisite nature and why we can really test at such a highly specific and have clinical actionable MRD insights from our testing. At its core, MRD testing, it's about separating the true cancer signal from background noise. As we push higher in sensitivity, assays that rely on signals that can be generated by error, for example, if you're tracking a small number of mutations, they inevitably start to generate false positive because the signal gets lost in the noise. clonoSEQ largely avoids this problem because we actually leverage the unique biology of T and B cells. In lymphoid malignancies, each cancer clone for each patient carries a patient-specific immune receptor DNA sequence. It's essentially, think of it as a barcode for that patient's specific cancer. What happens is, at diagnosis, the clonoSEQ test identifies that barcode, and then over time, we can simply use that barcode to track the cancer. Essentially what we're doing is we're counting cancer cells. MRD, what we're doing is not that complex. We actually can count specifically and accurately the number, and sensitively, the number of cancer cells in a patient's body both during and after treatment. Because that sequence barcodes, it's almost impossible that you can generate this by accident. clonoSEQ quantifies with very high sensitivity, and we have essentially no false positives in our test. It literally rounds to zero, which allows this detection, this exquisite quantification of one cancer cell among a million healthy cells. It's really that biology-driven specificity is why clonoSEQ is leading and is widely considered the gold standard in MRD in lymphoid malignancies. Our MRD business is comprised of two main pillars. Really, there's the clonoSEQ clinical test that's offered to clinicians and the clonoSEQ assay that's offered to pharma partners that enables drug development. It's really important to understand that these pillars of the business are very synergistic, and they complement each other. Most therapies use clonoSEQ to guide treatment. As we're involved in more and more clinical trials, MRD testing becomes more and more a part of routine clinical care. Let's take a look at kind of some of the financials of the MRD business. MRD, I'm proud to say, is now a profitable business. We achieved positive adjusted EBITDA in 2025, followed by positive cash flow, and this has obviously been a key inflection point in our business. Revenue has scaled consistently with a 34% CAGR from 2021- 2025, surpassing $210 million. Within that, the clinical revenue side has grown at a 53% CAGR and pharma at 15%, and this reflects kind of a strong adoption and increased utilization in both areas of clinical adoption and pharma adoption. At the same time that we've increased revenue, we've also increased our margin expansion. Gross margins have improved significantly. They're driven by our lab efficiencies, including the switch to the NovaSeq sequencer, and we generated some really clear operating leverage over time as well across the commercial organization. I think it's important to point out that we see a continued path for improvement across all these metrics as we continue to execute against our strategy, which remains the same this year as it was last year, and we'll kind of dive into that now, which are the clinical testing performance and future drivers of the business. Clinical volumes have grown significantly year-over-year, delivering a 42% CAGR since 2021. Importantly, we're seeing this mounting traction across the key drivers that support adoption, they are, as of Q1, again, remaining the same as last year, blood-based testing. Blood-based testing reached 49% of total MRD volume in multiple myeloma, which has historically and traditionally be considered a bone marrow-driven indication. The contribution of blood-based MRD has now increased to 29%. It's up eight percentage points year-over-year. Second is expansion in the community setting, where 55% of heme patients are treated in the community setting. Overall, if you look at our mix, community now represents 35% of total testing versus 29% a year ago. Physician engagement continues to expand with the number of ordering clinicians growing 43% year-over-year to 5,000 in Q1. EMR integrations are just critical, and they continue to expand. Embedding clonoSEQ into EMR workflows, both across the academic and the community settings, it materially lowers the friction. It just makes it easier to order. It expands access, importantly, we're showing it leading to repeat usage or more tests per patient. We actually started this effort about two years ago, today we're integrated in over 180 accounts. We expect to continue adding and optimizing to that. In the academic medical center, it's Epic integrations. In the community, it's Flatiron. I also kind of want to highlight, with all this growth that's been achieved, the penetration remains relatively early across all of our indications. We're pretty low on the penetration curve. Even in ALL, our most established indication, where MRD is now the standard of care, penetration's still under 35%, and in all of our other indications, including multiple myeloma, which is the biggest growth driver, penetration remains under 16%. There's a lot of room to grow here, and there's substantial headroom to increase across all indications and to increase the frequency of testing or the number of tests per patient in all of these indications as well. Our strategy is to continue to drive sustainable clinical volume growth. It's really driven by a combination of five interrelated factors, as shown on the slide. Again, as I mentioned, it's been the same five factors that we've noticed that we're repeating, that we continue to allocate capital to, and those are blood-based testing, expanding presence in the community, clinical guideline inclusion, ongoing data generation, and EMR integration. What's key to truly understand about our business, people ask all the time, "Well, what's the catalyst?" It's not one of these factors alone that drives growth. It's really a combination. All of these five factors really reinforce each other, both increasing physician adoption and, as I mentioned, the testing per patient frequency across all the indications. We'll cover these in more detail. Blood-based testing and community presence are very interrelated. As MRD shifts increasingly to blood, it's really more accessible in the community setting because community oncologists do blood-based testing, and they don't do bone marrow pulls. Our focus on blood-based testing, it really has three components. The first is the continued growth in blood-based testing and indications that are only blood-based, like CLL, DLBCL, and MCL. The second is ongoing data generation in blood, which reinforces really the clinical confidence. Third is to enhance our assay in blood, particularly in multiple myeloma, to be able to increase our sensitivity in a test that's traditionally, as I mentioned, been kind of driven by bone marrow testing. Moving on to the next topic, guideline updates are really an important driver of sustained MRD adoption as they continue to expand the role of MRD, really from what we call a supporting test to really a clinical decision-making tool, meaning how are you going to change the treatment of a patient based on the information you get from the clonoSEQ test? I'll give you a good example of this. In CLL, the guidance update last year explicitly to focus on serial testing, meaning that they included assessments every three to six months for MRD-guided regimens. We obviously see this as a meaningful step for clinical utility of clonoSEQ in first line CLL, and we believe if you look at it on a whole and looking at our numbers, we believe we just started to see the impact in Q1 of this year with a stronger CLL sequential growth versus prior quarters, and we hope that will continue. The next component of our growth driver is data generation. At ASH, just take ASH last year, we had nearly 90 abstracts that featured our clonoSEQ data. There was a clear emphasis of MRD as an interventional tool. If you look, and I know many of you in the room are invested in the solid tumor MRD space, where they're just talking about data being prognostic, we're way past that. We're talking about interventional tool. This is what I just talked about, how can you use the information to change a decision on the treatment course of a patient? This is about treatment duration, intensity, and frequency, including key decisions around transplantation, consolidation, and maintenance therapy. To give some real examples, whether or not to transplant a patient depends on MRD status. Whether you can take a patient off of maintenance therapy in multiple myeloma that has really high side effects and also costs the system $130,000- $150,000 a year depends on two subsequent MRD negative tests. These are really, really powerful indications. Also of note, this year at ASCO, which obviously just wrapped up here in the city, and at EHA, we have over 30 abstracts that are reinforcing clonoSEQ's role in assessing really the depth of response, also longitudinal disease monitoring and MRD-guided treatment decision-making. Lastly, and I'd say these are all important, but this is a biggie for us, is EMR integrations. It's key to be able to really provide that ease of workflow and access to clonoSEQ, as I mentioned, both in the academic and in the community setting. Now we've really focused so far on volumes in the clinical testing. There's another side of the equation too, which is ASPs or average selling price. Let's just take a look at some history here. At the start of 2025, the updated Medicare gap fill rate of $2,007 per test went into effect. This was up from $1,700 a test. We see this as a clear mark of a clear path to our long-term ASP target of $1,700-$1,800 per test by 2029. This is supported by several well-defined factors. First is policy expansion. We're continuing to broaden our commercial coverage, particularly in CLL and non-Hodgkin's lymphoma like DLBCL. The second area is contract negotiation. We're systematically going through one by one of our contracts and updating them, and we're closing new agreements at the updated rate. We have several wins from 2025, which will contribute as you look at our 2026 ASP and onwards. The third area is recurrence monitoring. In recurrence monitoring, this expands coverage beyond the Medicare episode where we get paid on four tests. In 2025, we received the first Medicare approval for recurrence monitoring in mantle cell lymphoma, and we've got a clear path to expand into CLL in 2026. If you look at the pipeline there, it's DLBCL after that, and ultimately in multiple myeloma. Finally, if you just look at the blocking and tackling, we're getting a lot better. If you take revenue cycle management, we've got ongoing improvements in Medicare Advantage billing, Medicaid collections. We're automating the appeals process, the prior authorization, using some really nice tools that are AI-supported. Our turnaround times are getting a lot better. All this is leading to driving higher paid claims and more consistent realization of revenue. If you look at, again, putting all these together, you've got continued ASP expansion and really durable coverage. Okay, I covered the clinical testing side. I want to turn to our MRD pharma business. If you look at our MRD pharma portfolio today, it's really anchored in multiple myeloma, where MRD has now achieved formal acceptance as a clinical endpoint. ClonoSEQ is, if you look at it's really incorporated into almost every pivotal trial in multiple myeloma for biopharma companies developing therapies in that indication. In 2025, about 70% of the sequencing revenue, about 60% of our backlog came from myeloma studies. This reflects both the maturity of the indication and the depth of our biopharma partnerships, which really is leading to, if you look at the pipeline now, we're seeing meaningful diversification beyond multiple myeloma, particularly in CLL and DLBCL. For example, in CLL, bookings have increased substantially. This has really been supported and underpinned by updated NCCN guidelines for fixed-duration regimens and a set of emerging data that highlights the need for higher sensitivity MRD to differentiate between therapies. Importantly, we're also seeing our biopharma portfolio expanding towards registrational trials, kind of moving from research, call it up the value chain to registrational trials. If you look at Q1, most of the bookings came primarily from regulated studies now, including several registrational trials where MRD will be used either as the primary or the co-primary endpoint in both multiple myeloma and in CLL. We clearly expect this trend to continue, as MRD is used more interventionally in trials across diseases and, if you look at our biopharma sponsors, they're increasingly requiring higher sensitivity assays to differentiate therapeutics and to guide treatment. Today, we've approximately 20 ongoing interventional studies where MRD is used for enrollment, stratification, or to guide therapy decisions. If you look at the deep sensitivity, the high specificity, and FDA validation, clonoSEQ is really well-positioned to be able to capture this mixed shift across disease states through this deeper, longer duration pharma partnerships. If you look at it's really this flywheel between biopharma and clinical testing. If the adoption of clonoSEQ in drug development, it generates the evidence, it strengthens clinical utility, and then obviously further drives demand once that drug gets into the clinic. Again, I'll just kind of reinforce and repeat that both across clinical and biopharma, we built this really durable MRD platform that have multiple growth drivers. They're firmly in place. We know what they are, and we continue to double down on them. This year, just to wrap up MRD, we expect to achieve significant growth both in the top line and in the bottom line. It is reflected in our guidance. Let's take a look at that, what that is. MRD revenue is expected to increase 33% versus prior year. I want to be clear, though, this is excluding milestone payments. This will be primarily driven by the clinical testing volume growth. We've raised that from 30% to now 35%. Average ASP, we've talked about that number increasing to $1,400 on average at the end of the year. Again, this is reflecting this continued progress across coverage, contracting, and reimbursement execution. Sequencing gross margins also will continue to improve. We've reached over 70% for fiscal 2026. It's driven by scale, ongoing operational efficiencies, including the switch to NovaSeq. We believe that there also could be upside closer to 75% towards the year-end in the gross margin. Yeah, we're super excited to deliver on these goals this year. We're going to continue building momentum that we're seeing, and it's really turning into a very strong growth driver and durable business. With that, I'll wrap up MRD opportunity for now and switch over to our other business unit, which is Immune Medicine. We've really spent over a decade building technology and generating data to understand a fundamental challenge, which is how T cell receptors bind to antigens and how those interactions drive immune responses across various disease states of cancer, autoimmunity, and infectious diseases. This is really a challenge that's defined by scale. There are billions of distinct T cell receptors interacting with millions of clinically relevant antigens. This is a problem that makes it extremely well-suited for AI and machine learning. Today, we have more than six million functional TCR antigen pairs with data that currently spans about 50,000 antigens and 50+ HLA types, which is sufficient to train predictive models of the adaptive immune response across diseases. It's really important, powerful data. This is generating very impactful biological insights. If we use this platform, we've identified disease causative T cell receptors and their antigens in various autoimmune disorders right now, including type 1 diabetes, celiac disease, multiple sclerosis, and ankylosing spondylitis. Our goal is to monetize our immune receptor data while continuing to scale the TCR antigen data and to further improve our prediction models in targeted applications that could be attractive to partners that are seeking to leverage our data and our digital capabilities. Last year, we signed two non-exclusive agreements with Pfizer. The first is a data licensing deal on a small subset of our TCR antigen training data focused on specific HLA types where Pfizer can use this data to support the development of their AI and machine learning models. The other is in target discovery, in rheumatoid arthritis, where Pfizer is using our Immune Medicine platform to identify the specific disease-causing T cell receptors in RA. We already have 1,000 patient samples, and we're on track to deliver the RA data package in the second half of this year. That partnership is going well. As we continue to make progress on these 2026 goals, we're advancing discussions on additional data partnerships, maintaining a very disciplined approach to capital allocation. As you recall, we talked about ring-fencing the IM cash burn to $15 million-$20 million for the year. If you look at it from your perspective, a lot in this room is life science tools and diagnostics investors, think about it like a low-cost call option on a very high margin potential opportunity. With that, in kind of wrapping up the Immune Medicine business, I want to close with three takeaways. First, in MRD. We're continuing to strengthen and extend our leadership position in MRD testing for blood cancers. There's clear momentum across volumes, as I discussed, ASPs, and margin, and our focus is on capturing market growth while continuing to expand profitability in MRD. Second, in Immune Medicine, our priority is advancing our immune receptor data platform and executing on targeted monetization opportunities that build long-term strategic value. Third, and most importantly, financial execution. Based on the progress that you've seen across the business, we expect to achieve positive adjusted EBITDA and positive free cash flow for the entire company by the end of 2026. Thank you for your time today. With that. Can do a little Q&A. Great. Awesome. Yeah. We'll actually stop here and do Q&A up there. Oh. I'll stay there. Oh, we're moving. Okay, great. Okay. Yeah. Thank you.