Adaptive Biotechnologies Corp 2024年度报告

SHAREHOLDER LETTER Dear fellow shareholders, Adaptive continues to leverage its industry-leading immune receptor data capabilities to translate theimmune system response to disease into paradigm-shifting clinical products. 2024 was a year of strong execution, marked by key catalysts achieved in our minimal residual disease(MRD) business for blood cancers and advancements in our immune medicine (IM) drug discovery anddevelopment business for cancer and autoimmune diseases. ,Q05'ZHSURYLGHSK\VLFLDQVDQGUHVHDUFKHUVZLWKLQVLJKWVLQWRWKHHέHFWLYHQHVVRIWUHDWPHQWIRUlymphoid cancers by using our next-generation sequencing (NGS)-based clonoSEQ® test to assessZKHQDQGLIDSDWLHQW VLPPXQHUHVSRQVHWRGLVHDVHKDVUHWXUQHGWRDFOLQLFDOO\VLJQLήFDQWOHYHO7KLVknowledge can transform how lymphoid cancers, such as multiple myeloma, are understood in clinicaltrials and treated in patients. In IM, we are focused on the discovery and development of transformative immune-based therapies inWKHWUHDWPHQWRISDWLHQWVZLWKFDQFHUDQGDXWRLPPXQHGLVHDVHV:HEHOLHYHWKHVHHέRUWVZLOODOORZXVto better understand and treat these therapeutically challenging conditions. Developing clinical products based on immune receptor data discoveries Two distinct business units derived from one platform Key Financial Highlights •FY’24 revenue of $179.0 million, representing a5% increase from 2023•FY’24 operating expenses of $341.5 million, representinga decrease of 14% from the prior year•$256.0 million in cash, cash equivalents and marketablesecurities as of December 31, 2024 2XUIRFXVRQOHYHUDJLQJFXWWLQJHGJHLPPXQHVFLHQFHFRQWLQXHVWRSRVLWLRQ$GDSWLYHDVDOHDGHULQWUDQVIRUPLQJKRZGLVHDVHVDUHGHWHFWHGXQGHUVWRRGDQGWUHDWHG:LWKVWURQJPRPHQWXPKHDGLQJLQWRZHDUHIRFXVHGRQDFKLHYLQJSURήWDELOLW\LQ05'ZLWKDQHQKDQFHGJURZWKDQGPDUJLQSURήOHDGYDQFLQJRXUWKHUDSHXWLFVSLSHOLQHLQ,0DQGPDLQWDLQLQJDGXUDEOHFDVKSRVLWLRQWRVXSSRUWVXVWDLQDEOHORQJWHUPJURZWK $GDSWLYHUHPDLQVDKLJKO\FROODERUDWLYHDQGSXUSRVHGULYHQZRUNSODFHZLWKRXUHQJDJHPHQWWDOHQWUHWHQWLRQDQGFXOWXUHVFRUHVUHDFKLQJWKHLUKLJKHVWOHYHOVLQWKUHH\HDUV$QXQZDYHULQJSDVVLRQIRUSDWLHQWVSHUPHDWHVHYHU\DVSHFWRIRXURUJDQL]DWLRQ,˵PGHHSO\SURXGRIWKHVFLHQWLήFWHQDFLW\EROGWKLQNLQJDQGUHVRXUFHIXOQHVVZKLFKQRWRQO\GHήQHZKRZHDUHWRGD\EXWDOVRSRZHUWKHFRPSDQ\ZHDVSLUHWREHFRPHLQWKHIXWXUH &KLHI([HFXWLYH2ΰFHUDQG&RIRXQGHU MRD 7KH05'EXVLQHVVLVFHQWHUHGDURXQGWKHXVHRIRXUKLJKO\VHQVLWLYHQH[WJHQHUDWLRQVHTXHQFLQJDVVD\WRGHWHFWPHDVXUDEOHUHVLGXDOGLVHDVHLQSDWLHQWVZLWKO\PSKRLGPDOLJQDQFLHV,WLVFRPSULVHGRIWZRPDLQSLOODUVWKHFORQR6(4pFOLQLFDOWHVWRέHUHGWRFOLQLFLDQVDQGRXUFORQR6(4DVVD\RέHUHGWRELRSKDUPDFHXWLFDOSDUWQHUVWRDGYDQFHGUXJGHYHORSPHQWHέRUWV'XULQJWKHODVWGHFDGHZHKDYHHVWDEOLVKHGVLJQLήFDQWFRPSHWLWLYHDGYDQWDJHVDURXQGFORQR6(4LQFOXGLQJLQGXVWU\OHDGLQJVHQVLWLYLW\EURDGSD\RUFRYHUDJHFOLQLFDOHYLGHQFHJXLGHOLQHLQFOXVLRQDQGELRSKDUPDFHXWLFDOXWLOL]DWLRQRI05'DVDVXUURJDWHHQGSRLQWLQFOLQLFDOWULDOV Jim’s story -LPZDVDQDYLGF\FOLVWEXWZKLOHWUDLQLQJIRUKLVQH[WHYHQWKHQRWLFHGKHZDVQ˵WUHFRYHULQJDVH[SHFWHG$YLVLWWRKLVGRFWRUUHYHDOHGORZZKLWHDQGUHGEORRGFHOOFRXQWV+HZDVGLDJQRVHGZLWKGLέXVHODUJH%FHOOO\PSKRPD '/%&/ WKHPRVWFRPPRQIRUPRIQRQ+RGJNLQO\PSKRPD 'XULQJWUHDWPHQW-LPDQGKLVSK\VLFLDQPDGHWKHGHFLVLRQWRPRQLWRUIRUUHPDLQLQJFDQFHUZLWKERWK3(7&7DQGFORQR6(4&OHDU3(7&7VDQGFRQVHFXWLYHO\QHJDWLYHFORQR6(4WHVWUHVXOWVFRQWULEXWHGWRWKHGHFLVLRQWRIRUHJRKLVWKDQGήQDOFKHPRWKHUDS\WUHDWPHQW7KLVWLPHO\DGMXVWPHQWLQKLVWUHDWPHQWSODQUHGXFHGXQQHFHVVDU\H[SRVXUHWRFKHPRWKHUDS\DQGLWVVLGHHέHFWV.QRZLQJKLV05'VWDWXVZDVQHJDWLYHJDYH-LPWKHUHDVVXUDQFHKHQHHGHGWRFRQWLQXHGRLQJZKDWKHORYHVDQGJHWEDFNRQKLVELNH Driving adoption and changing the treatment paradigm $43M(OLJLEOHPLOHVWRQHV0LOHVWRQHVWRGDWHѭ 6LJQLήFDQWDGYDQFHVLQLQFOXGH •:HJUHZFORQR6(4WHVWYROXPHE\\HDURYHU\HDU%ORRGEDVHGWHVWLQJFRQWLQXHVWREHDNH\GULYHURIWKHJURZWKLQWKHFRPPXQLW\VHWWLQJPDNLQJXSRIFORQR6(405'WHVWYROXPHLQWKHIRXUWKTXDUWHURI •3D\RUFRYHUDJHIRUWKHWHVWJUHZWRRYHUPLOOLRQOLYHVLQ%FHOODFXWHO\PSKREODVWLFOHXNHPLD%$// DQGPXOWLSOHP\HORPDRYHUPLOOLRQOLYHVLQFKURQLFO\PSKRF\WLFOHXNHPLD &// DQGRYHUPLOOLRQOLYHVLQGLέXVHODUJH%FHOOO\PSKRPD '/%&/ ,QDGGLWLRQZHREWDLQHG0HGLFDUHFRYHUDJHIRUPDQWOHFHOOO\PSKRPD 0&/ DQGLQLWLDWHGSURPRWLRQDOHέRUWVLQ0&/LQWKHIRXUWKTXDUWHURI •:HREWDLQHGDQHZ0HGLFDUH&OLQLFDO/DERUDWRU\)HH6FKHGXOHUDWHRISHUWHVWIRUFORQR6(4DQG0RO';XSGDWHGWKHFORQR6(4HSLVRGHSULFLQJWRIRUDOOFRYHUHGLQGLFDWLRQV7KLVUHSUHVHQWVDLQFUHDVHIURPWKHSUHYLRXVHSLVRGHSULFHDQGWKHSUHYLRXVLPSOLHGSHUWHVWUDWHXQGHUWKHHSLVRGHVWUXFWXU