Slides
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Second Quarter 2026 Earnings Conference Call
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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 containedherein 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 thesecurities 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 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 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 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 Factorsand 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 February 26, 2026. 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 Q2 highlights: strong execution driving growth and strategic value 1 Excluding MRD regulatory milestone revenue. 33% Y/Y revenue growth including $5.5M in milestones in Q2 2025. 2 Sequencing (seq.) GM refers to gross margin excluding MRD regulatory milestones. 3 Cash, cash equivalents and marketable securities as of 6/30/2026. Excludes Digital Biotechnologies, Inc.'s cash and cash equivalents. MRD results Continued strong execution driving growth and probability Clinical tests +43% Y/Y Revenue +49%1 Seq.GM2 +9 bps Y/Y 71% Strong pharma sequencing revenue Adj. EBITDA margin of 14% FY 2026 MRD revenue guidance increased driven by clinical volumes and pharma Strategic plan Announced plan to separate MRD and IM businesses Identify path for separation by end of year Morgan Stanley engaged as advisor Unlocks the full potential of both businesses Strong balance sheet Successfully executed convertible financing Enables execution of separation plan Supports opportunistic investment in MRD ~$357M Cash3 on handY/Y
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MRD
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5 © Copyright Adaptive Biotechnologies 2024. Confidential. 22,368 24,624 26,362 29,327 31,779 35,315 7% 9% 11% Clinical testing: strong volume growth across indications Clinical testing revenue increased 53% Y/Y (volume +43%; ASP +7% Y/Y @$1,382) Q/Q Y/Y ALL 3% 21% CLL 16% 43% MM 15% 53% DLBCL 13% 89% MCL 14% 57% clonoSEQ tech transfer volume (Int'l)clonoSEQ US volume ClonoSEQ test volumes Q2’26 performance per indication 27% 10%44% 10% 6% 3% Contribution Growth Q4’25Q3’25Q2’25Q1’25 Q2’26Q1’26 27,111 23,117 25,321 30,038 32,595 10% 36,111 11% ALL CLL MM DLBCL MCL Other
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6 © Copyright Adaptive Biotechnologies 2024. Confidential. Clinical testing: growth trajectory of key drivers continues 31% 31% 33% 35% 36% Q2 - 25 Q3 - 25 Q4 - 25 Q1 - 26 Q2 - 26 Community tests contribution Serial monitoring (OncoEMR) orders due fulfilled 62% 72% 75% Q4 - 25 Q1 - 26 Q2 - 26 +65% Y/Y test growth in community Blood-based testing contribution Ordering HCPs 44% 45% 47% 49% 51% Q2 - 25 Q3 - 25 Q4 - 25 Q1-26 Q2 - 26 3,718 4,104 4,489 4,906 5,190 Q2 - 25 Q3 - 25 Q4 - 25 Q1 - 26 Q2 - 26 +68% Y/Y test growth in blood +40% Y/Y growth +97% Y/Y order growth in OncoEMR accounts
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7 © Copyright Adaptive Biotechnologies 2024. Confidential. MRD pharma: strong growth with healthy backlog ~24 ongoing interventional studies expected to drive sustained clinical adoption 189 global active clinical trials 111 using MRD as an endpoint 14 net additional studies added in the past 12 months MM:16 primary, 61 secondary 25 86primary endpoint secondary endpoint Business focus: continue increasing regulated/interventional studies across indications Q2’26 revenue growth of 38% Y/Y excluding milestones (including milestones: -6% Y/Y) ▪ Healthy backlog of ~$245M (+12% Y/Y) → 60% from MM, 22% from CLL, 10% from ALL 21 net additional studies using MRD as an endpoint added in past 12 months Portfolio overview:
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8 © Copyright Adaptive Biotechnologies 2024. Confidential. ▪ At 51% in Q2’26 ▪ At 36% in Q2’26 v ▪ Increase testing in blood: >50% ▪ Community presence: >35% ▪ EMR integrations: integrate ~40 add’l accounts ▪ Data generation: in all indications ▪ On track (16 EPIC, 15 OncoEMR added YTD) ▪ On track for ASH 2026 MRD key goals progress Goals set at beginning of 2026 Progress to annual goals clonoSEQ test volumes: >30% growth ‘26/’25 38%-40% growth ‘26/’25 Pharma: increase regulatory endpoint studies 15 new regulatory endpoint studies YTD Margins: expand seq. GM >70%; expand adj. EBITDA On track; seq. GM of 70% in Q1’26; 71% in Q2’26 Clinical ASP (US): avg of ~$1,400/test for FY 2026 On track for ~$1,400/test for FY 2026
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Immune Medicine (IM) Separation from ADPT Rationale and Progress
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10 Q2 2026 financial highlights Segment Performance ($M) Revenue and Operating Expenses ($M) MRD Immune Medicine Total Revenue1 1 Excludes $3.9M of non-cash revenue from the Genentech Agreement in both Q2 2025 Revenue and Q2 2025 Adj. EBITDA 2 Includes $0.4M in amortization of intangible assets 3 Adj. EBITDA is a non-GAAP financial measure. Q2 2025 Adj. EBITDA: MRD $1.9M; IM -$9.7M1; Total Company -$11.1M1 4 Total company includes corporate unallocated expenses All figures are rounded 49.9 66.2 5.01 5.4 Q2 2025 Q2 2026 $54.91 $71.6 +30% +33% +8% 18.0 20.2 24.1 19.2 23.6 26.4 17.8 21.2 $87.32 $83.92 G&A S&M Q2 2026Q2 2025 4% R&D COR Total OPEX MRD IM Total Company4 Q2’26 Y/Y Q2’26 Y/Y1 Q2’26 Y/Y1 Revenue 66.2 33% 5.4 8% 71.6 30% OPEX 65.8 15% 15.4 -25% 87.3 4% Adj. EBITDA3 9.1 377% (6.3) 35% (0.7) 93%
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11 FY 2026 updated guidance ◼ FY 2026 revenue guidance: ❑ MRD revenue between $268M and $278M (vs previous guidance between $260M and $270M) ❑ MRD milestones of $9M (all recognized in Q1’26) ◼ FY 2026 operating expenses guidance: ❑ OPEX between $350M and $355M (vs previous guidance between $350M and $360M) On track to achieve positive adjusted EBITDA and positive FCF for whole company by end of 2026
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12 Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information The following 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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13 Appendix: Reconciliations between Adjusted EBITDA and net loss attributable to Adaptive Biotechnologies Corporation & Segment Information The following sets forth segment information for each of the periods presented (in thousands):