Adaptive Biotechnologies Corp (NASDAQ: ADPT) stock lost over 10% in the pre-market session on 13th August, 2019 (as of 7:54 pm GMT-4; Source: Google finance) as they reported a second-quarter loss of $16.4 million compared with a loss of $12.5 million in the year-ago period. The company had completed initial public offering, raised approximately $321 million of net proceeds, after deducting underwriting discounts and commissions. The company’s adjusted EBITDA (non-GAAP) was a loss of $10.9 million for the second quarter of 2019, compared to a loss of $9.4 million in the second quarter of the prior year.
Cash, cash equivalents and marketable securities was $423.0 million as of June 30, 2019. Subsequent to the end of the quarter, on July 1, 2019, Adaptive Biotechnologies completed its initial public offering, raising approximately $321 million of net proceeds, after deducting underwriting discounts and commissions.
Meanwhile, during the second quarter, ADPT had secured network participation agreements and/or positive medical policies with several national payors for the use of clonoSEQ to detect and assess minimal residual disease, bringing the total number of covered lives to more than 165 million. ADPT has received approval for the clonoSEQ Assay from the State of New York Clinical Laboratory Evaluation Program, or CLEP, for the detection and monitoring of MRD in patients with certain blood cancers using DNA from bone marrow, blood, and archived tissue samples. ADPT had opened a high throughput lab dedicated to the rapid generation of clinical signals for immunoSEQ Dx, leveraging the Company’s collaboration with Microsoft
ADPT in the second quarter of FY 19 has reported the adjusted loss of $10.9 million, beating the analysts’ estimates for the adjusted loss of $17.7 million, according to analysts surveyed by FactSet. The company had reported the adjusted revenue growth of 99.1 percent to $22.1 million in the second quarter of FY 19, beating the analysts’ estimates for revenue of $19.4 million. Sequencing revenue was $11.9 million for the quarter, representing a 43% increase from the second quarter in the prior year. Development revenue increased to $10.3 million for the quarter, representing a 213% increase from the second quarter in the prior year.
In addition, the operating expenses were $38.2 million for the second quarter of 2019, compared to $24.9 million in the second quarter of the prior year, representing an increase of approximately 54%. Overall, the company translates the genetics of the adaptive immune system into clinical products to transform the diagnosis and treatment of disease.