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ADPT JPM2026 Presentation.pdf

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1、J.P.Morgan Healthcare Conference 2026 Copyright Adaptive Biotechnologies 2026.January 12th,20262Legal DisclaimersThis 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

2、 herein does not purport to be complete or to contain all relevant information.Statements contained herein are madeas 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

3、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 De

4、cember 31,2025.We have 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 thusinherently uncertain and subject to change as Adaptive Biotechnologies Corporation completes its c

5、ustomary year-end close,prepares its financial statements and completes the audit thereof.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.The final results for these periods may di

6、ffer materially from the estimates herein.These estimates are the responsibility of management.Our independent registered public accounting firmhas not audited,reviewed or performed any procedures with respect to these preliminary results.This presentation contains“forward-looking statements”within

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1. **公司业绩与财务**:2025年营收约2.77亿美元,现金及 equivalents 约2.27亿美元;2021-2025年营收CAGR达65%,2025年调整后EBITDA转正(Q2实现),Q3实现正向现金流。 2. **MRD诊断业务**: - 市场规模:当前约55亿美元(美国),2026年将扩大至62亿美元; - 核心产品clonoSEQ:FDA cleared,覆盖250+出版物,灵敏度达10⁻⁶,2025年测试量超10万例,2021-2025年CAGR 53%; - 增长驱动:血液检测普及(2025年占30%)、EMR集成(2025年55家)、临床指南更新(如ASH 90+摘要)。 3. **免疫数据平台(IM)**: - TCR-抗原AI模型:已获辉瑞2份数据合作,完成脊柱关节炎抗体临床前数据; - 现金消耗:2025年约3000万美元,2026年目标降至1500万-2000万美元。 4. **2026目标**:MRD测试量增长超30%,平均ASP约1400美元;公司整体实现正向调整后EBITDA及现金流。
**MRD市场有多大?** **免疫疗法有何突破?** **2026年增长动力?**
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