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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2020
OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the transition period from _____to _____
Commission File Number: 001-38957
ADAPTIVE BIOTECHNOLOGIES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
|
Washington
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27-0907024
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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1551 Eastlake Avenue East, Suite 200
Seattle, Washington
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98102
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (206)
659-0067
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common stock, par value
$0.0001 per share
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ADPT
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The NASDAQ Stock Market LLC
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Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
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Large accelerated filer
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☐
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Accelerated filer
|
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☐
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|
|
|
|
|
|
Non-accelerated filer
|
|
☒
|
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Smaller reporting company
|
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
☒
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No ☒
As of July 31, 2020, the registrant had 135,793,728 shares of
common stock, $0.0001 par value per share, outstanding.
Table of Contents
Adaptive Biotechnologies Corporation
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that are based on
management’s beliefs and assumptions and on information currently
available to management. All statements contained in this report
other than statements of historical fact are forward-looking
statements, which include but are not limited to, statements
about:
|
|
•
|
our ability to leverage
and extend our immune medicine platform to discover, develop and
commercialize our products and services, including those related to
COVID-19, particularly in light of the novelty of immune medicine
and our methods;
|
|
|
•
|
our ability to obtain
regulatory clearance, authorization and approval for such products
and services;
|
|
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•
|
our collaboration with
Genentech, Inc. (“Genentech”) and ability to develop and
commercialize cellular therapeutics, including our ability to
achieve milestones and realize the intended benefits of the
collaboration;
|
|
|
•
|
our ability to develop a
map of the interaction between the immune system and disease
(“TCR-Antigen Map”) and yield insights from it that are
commercially viable;
|
|
|
•
|
our expected reliance on
collaborators for development and clinical testing of potential
diagnostic and therapeutic product candidates, which may fail at
any time due to a number of possible unforeseen events;
and
|
|
|
•
|
the potential adverse
effect on our business, operations and plans or timelines
(including those plans and timelines related to expansion
initiatives and clinical development) resulting from the recent
COVID-19 pandemic, including potential impacts to our supply
chain.
|
The forward-looking statements in this report also include
statements regarding our ability to develop, commercialize and
achieve market acceptance of our current and planned products and
services, our research and development efforts, and other matters
regarding our business strategies, use of capital, results of
operations and financial position, and plans and objectives for
future operations. In some cases, you can identify
forward-looking statements by the 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. These statements involve risks, uncertainties
and other factors that may cause actual results, levels of
activity, performance or achievements to be materially different
from the information expressed or implied by these forward-looking
statements. These risks, uncertainties and other factors are
described under “Risk Factors,” “Management's Discussion and
Analysis of Financial Condition and Results of Operations,” and
elsewhere in this report and in other documents we file with the
Securities and Exchange Commission (“SEC”) from time to time. We
caution you that forward-looking statements are based on a
combination of facts and factors currently known by us and our
projections of the future, about which we cannot be certain.
As a result, the forward-looking statements may not
prove to be accurate. The forward-looking statements in
this report represent our views as of the date of this report.
We undertake no obligation to update any forward-looking statements
for any reason, except as required by law.
Unless otherwise stated or the context otherwise indicates,
references to “we,” “us,” “our” and similar references refer to
Adaptive Biotechnologies Corporation.
3
Adaptive Biotechnologies Corporation
PART I—FINANCIAL
INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Balance
Sheets
(in thousands, except share and per share amounts)
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
365,440
|
|
|
$
|
96,576
|
|
|
Short-term marketable securities (amortized cost of $203,765 and
$479,791, respectively)
|
|
|
204,940
|
|
|
|
480,290
|
|
|
Accounts receivable, net
|
|
|
7,914
|
|
|
|
12,676
|
|
|
Inventory
|
|
|
10,536
|
|
|
|
9,069
|
|
|
Prepaid expenses and other current assets
|
|
|
10,691
|
|
|
|
14,079
|
|
|
Total current assets
|
|
|
599,521
|
|
|
|
612,690
|
|
|
Long-term assets
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
26,833
|
|
|
|
60,355
|
|
|
Operating lease right-of-use assets
|
|
|
37,619
|
|
|
|
—
|
|
|
Long-term marketable securities (amortized cost of $56,405 and
$105,263, respectively)
|
|
|
57,383
|
|
|
|
105,435
|
|
|
Restricted cash
|
|
|
2,138
|
|
|
|
2,138
|
|
|
Intangible assets, net
|
|
|
11,081
|
|
|
|
11,928
|
|
|
Goodwill
|
|
|
118,972
|
|
|
|
118,972
|
|
|
Other assets
|
|
|
1,275
|
|
|
|
784
|
|
|
Total assets
|
|
$
|
854,822
|
|
|
$
|
912,302
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
3,686
|
|
|
$
|
4,453
|
|
|
Accrued liabilities
|
|
|
4,832
|
|
|
|
4,371
|
|
|
Accrued compensation and benefits
|
|
|
5,976
|
|
|
|
8,124
|
|
|
Current portion of deferred rent
|
|
|
—
|
|
|
|
371
|
|
|
Current operating lease liabilities
|
|
|
3,229
|
|
|
|
—
|
|
|
Current deferred revenue
|
|
|
75,699
|
|
|
|
60,994
|
|
|
Total current liabilities
|
|
|
93,422
|
|
|
|
78,313
|
|
|
Long-term liabilities
|
|
|
|
|
|
|
|
|
|
Deferred rent liability, less current portion
|
|
|
—
|
|
|
|
6,918
|
|
|
Operating lease liabilities, less current portion
|
|
|
42,503
|
|
|
|
—
|
|
|
Financing obligation
|
|
|
—
|
|
|
|
36,607
|
|
|
Deferred revenue, less current portion
|
|
|
187,462
|
|
|
|
219,332
|
|
|
Other long-term liabilities
|
|
|
1,496
|
|
|
|
93
|
|
|
Total liabilities
|
|
|
324,883
|
|
|
|
341,263
|
|
|
Commitments and contingencies (Note 9)
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
Preferred stock: $0.0001 par value, 10,000,000 shares
authorized at June 30, 2020 and
December 31, 2019; no shares issued and outstanding at
June 30, 2020 and
December 31, 2019
|
|
|
—
|
|
|
|
—
|
|
|
Common stock: $0.0001 par value, 340,000,000 shares
authorized at June 30, 2020 and
December 31, 2019; 128,233,842 and 125,238,142 shares
issued and outstanding at
June 30, 2020 and December 31, 2019, respectively
|
|
|
12
|
|
|
|
12
|
|
|
Additional paid-in capital
|
|
|
958,097
|
|
|
|
935,834
|
|
|
Accumulated other comprehensive gain
|
|
|
2,153
|
|
|
|
671
|
|
|
Accumulated deficit
|
|
|
(430,323
|
)
|
|
|
(365,478
|
)
|
|
Total shareholders’ equity
|
|
|
529,939
|
|
|
|
571,039
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
854,822
|
|
|
$
|
912,302
|
|
The accompanying notes are an integral part of these condensed financial
statements.
4
Adaptive Biotechnologies Corporation
Condensed
Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sequencing revenue
|
|
$
|
7,985
|
|
|
$
|
11,865
|
|
|
$
|
17,454
|
|
|
$
|
17,948
|
|
|
Development revenue
|
|
|
13,003
|
|
|
|
10,273
|
|
|
|
24,444
|
|
|
|
16,856
|
|
|
Total revenue
|
|
|
20,988
|
|
|
|
22,138
|
|
|
|
41,898
|
|
|
|
34,804
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
4,912
|
|
|
|
5,734
|
|
|
|
10,255
|
|
|
|
10,722
|
|
|
Research and development
|
|
|
25,992
|
|
|
|
16,527
|
|
|
|
49,927
|
|
|
|
29,010
|
|
|
Sales and marketing
|
|
|
14,332
|
|
|
|
8,897
|
|
|
|
28,339
|
|
|
|
16,714
|
|
|
General and administrative
|
|
|
12,238
|
|
|
|
6,662
|
|
|
|
24,059
|
|
|
|
13,666
|
|
|
Amortization of intangible assets
|
|
|
423
|
|
|
|
423
|
|
|
|
847
|
|
|
|
842
|
|
|
Total operating expenses
|
|
|
57,897
|
|
|
|
38,243
|
|
|
|
113,427
|
|
|
|
70,954
|
|
|
Loss from operations
|
|
|
(36,909
|
)
|
|
|
(16,105
|
)
|
|
|
(71,529
|
)
|
|
|
(36,150
|
)
|
|
Interest and other income, net
|
|
|
1,893
|
|
|
|
446
|
|
|
|
4,787
|
|
|
|
2,105
|
|
|
Income tax benefit
|
|
|
1,481
|
|
|
|
—
|
|
|
|
1,804
|
|
|
|
—
|
|
|
Net loss
|
|
|
(33,535
|
)
|
|
|
(15,659
|
)
|
|
|
(64,938
|
)
|
|
|
(34,045
|
)
|
|
Fair value adjustment to Series E-1 convertible preferred
stock options
|
|
|
—
|
|
|
|
(710
|
)
|
|
|
—
|
|
|
|
(964
|
)
|
|
Net loss attributable to common shareholders
|
|
$
|
(33,535
|
)
|
|
$
|
(16,369
|
)
|
|
$
|
(64,938
|
)
|
|
$
|
(35,009
|
)
|
|
Net loss per share attributable to common shareholders, basic
and diluted
|
|
$
|
(0.26
|
)
|
|
$
|
(1.23
|
)
|
|
$
|
(0.51
|
)
|
|
$
|
(2.68
|
)
|
|
Weighted-average shares used in computing net loss per
share attributable to common shareholders, basic
and
diluted
|
|
|
127,383,582
|
|
|
|
13,279,324
|
|
|
|
126,720,986
|
|
|
|
13,074,692
|
|
The accompanying notes are an integral part of these condensed
financial statements.
5
Adaptive Biotechnologies Corporation
Condensed
Statements of Comprehensive Loss
(in thousands)
(unaudited)
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Net loss
|
|
$
|
(33,535
|
)
|
|
$
|
(15,659
|
)
|
|
$
|
(64,938
|
)
|
|
$
|
(34,045
|
)
|
|
Change in unrealized (loss) gain on investments
|
|
|
(1,160
|
)
|
|
|
290
|
|
|
|
1,482
|
|
|
|
489
|
|
|
Comprehensive loss
|
|
$
|
(34,695
|
)
|
|
$
|
(15,369
|
)
|
|
$
|
(63,456
|
)
|
|
$
|
(33,556
|
)
|
The accompanying notes are an integral part of these condensed
financial statements.
6
Adaptive Biotechnologies Corporation
Condensed Statements of Convertible Preferred Stock and
Shareholders’ (Deficit) Equity
(in thousands, except share amounts)
(unaudited)
|
|
|
Convertible
Preferred Stock
|
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Accumulated
|
|
|
Total
Shareholders’
(Deficit)
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Gain
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balance at March 31, 2019
|
|
|
93,023,694
|
|
|
$
|
561,210
|
|
|
|
|
12,930,536
|
|
|
$
|
1
|
|
|
$
|
40,981
|
|
|
$
|
92
|
|
|
$
|
(314,548
|
)
|
|
$
|
(273,474
|
)
|
|
Issuance of common stock for cash upon exercise of
stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
794,845
|
|
|
|
—
|
|
|
|
1,847
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,847
|
|
|
Issuance of Series E-1 convertible preferred stock for
cash upon exercise of Series E-1 convertible
preferred stock options at fair value
|
|
|
16,043
|
|
|
|
11
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Change in redemption value for vested Series E-1
convertible preferred stock options
|
|
|
—
|
|
|
|
710
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(710
|
)
|
|
|
(710
|
)
|
|
Common stock option share-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,332
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,332
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
290
|
|
|
|
—
|
|
|
|
290
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(15,659
|
)
|
|
|
(15,659
|
)
|
|
Balance at June 30, 2019
|
|
|
93,039,737
|
|
|
$
|
561,931
|
|
|
|
|
13,725,381
|
|
|
$
|
1
|
|
|
$
|
46,160
|
|
|
$
|
382
|
|
|
$
|
(330,917
|
)
|
|
$
|
(284,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
126,621,829
|
|
|
$
|
12
|
|
|
$
|
945,026
|
|
|
$
|
3,313
|
|
|
$
|
(396,788
|
)
|
|
$
|
551,563
|
|
|
Issuance of common stock for cash upon exercise of
stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
1,609,763
|
|
|
|
—
|
|
|
|
6,698
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,698
|
|
|
Vesting of restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
|
2,250
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Common stock option and restricted stock unit share-
based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,373
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,373
|
|
|
Other comprehensive loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,160
|
)
|
|
|
—
|
|
|
|
(1,160
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(33,535
|
)
|
|
|
(33,535
|
)
|
|
Balance at June 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
128,233,842
|
|
|
$
|
12
|
|
|
$
|
958,097
|
|
|
$
|
2,153
|
|
|
$
|
(430,323
|
)
|
|
$
|
529,939
|
|
The accompanying notes are an integral part of these condensed financial
statements.
7
Adaptive Biotechnologies Corporation
Condensed Statements of Convertible Preferred Stock
and
Shareholders’ (Deficit)
Equity (Continued)
(in thousands, except share amounts)
(unaudited)
|
|
|
Convertible
Preferred Stock
|
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Accumulated
|
|
|
Total
Shareholders’
(Deficit)
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
(Loss) Gain
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balance at December 31, 2018
|
|
|
92,790,094
|
|
|
$
|
560,858
|
|
|
|
|
12,841,536
|
|
|
$
|
1
|
|
|
$
|
37,902
|
|
|
$
|
(107
|
)
|
|
$
|
(295,908
|
)
|
|
$
|
(258,112
|
)
|
|
Issuance of common stock for cash upon exercise of
stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
883,845
|
|
|
|
—
|
|
|
|
1,880
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,880
|
|
|
Issuance of Series E-1 convertible preferred stock for
cash upon exercise of Series E-1 convertible
preferred stock options at fair value
|
|
|
249,643
|
|
|
|
109
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Change in redemption value for vested Series E-1
convertible preferred stock options
|
|
|
—
|
|
|
|
964
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(964
|
)
|
|
|
(964
|
)
|
|
Common stock option share-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,378
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,378
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
489
|
|
|
|
—
|
|
|
|
489
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(34,045
|
)
|
|
|
(34,045
|
)
|
|
Balance at June 30, 2019
|
|
|
93,039,737
|
|
|
$
|
561,931
|
|
|
|
|
13,725,381
|
|
|
$
|
1
|
|
|
$
|
46,160
|
|
|
$
|
382
|
|
|
$
|
(330,917
|
)
|
|
$
|
(284,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2019
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
125,238,142
|
|
|
$
|
12
|
|
|
$
|
935,834
|
|
|
$
|
671
|
|
|
$
|
(365,478
|
)
|
|
$
|
571,039
|
|
|
Adjustments to accumulated deficit for adoption of
guidance on accounting for leases
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
93
|
|
|
|
93
|
|
|
Issuance of common stock for cash upon exercise of
stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
2,991,200
|
|
|
|
—
|
|
|
|
11,215
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,215
|
|
|
Vesting of restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
|
4,500
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Common stock option and restricted stock unit share-
based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,048
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,048
|
|
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,482
|
|
|
|
—
|
|
|
|
1,482
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(64,938
|
)
|
|
|
(64,938
|
)
|
|
Balance at June 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
128,233,842
|
|
|
$
|
12
|
|
|
$
|
958,097
|
|
|
$
|
2,153
|
|
|
$
|
(430,323
|
)
|
|
$
|
529,939
|
|
The accompanying notes are an integral part of these condensed financial
statements.
8
Adaptive Biotechnologies Corporation
Condensed
Statements of Cash Flows
(in thousands)
(unaudited)
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(64,938
|
)
|
|
$
|
(34,045
|
)
|
|
Adjustments to reconcile net loss to net cash (used in) provided by
operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
3,129
|
|
|
|
2,811
|
|
|
Noncash lease expense
|
|
|
1,344
|
|
|
|
—
|
|
|
Share-based compensation expense
|
|
|
11,048
|
|
|
|
6,378
|
|
|
Intangible assets amortization
|
|
|
847
|
|
|
|
842
|
|
|
Investment amortization
|
|
|
(651
|
)
|
|
|
(1,896
|
)
|
|
Fair value adjustment of convertible preferred stock warrant
|
|
|
—
|
|
|
|
2,266
|
|
|
Benefit from income tax
|
|
|
(1,804
|
)
|
|
|
—
|
|
|
Other
|
|
|
49
|
|
|
|
(78
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
4,746
|
|
|
|
(2,445
|
)
|
|
Inventory
|
|
|
(1,467
|
)
|
|
|
(166
|
)
|
|
Prepaid expenses and other current assets
|
|
|
4,206
|
|
|
|
(883
|
)
|
|
Accounts payable and accrued liabilities
|
|
|
(1,891
|
)
|
|
|
1,314
|
|
|
Deferred rent
|
|
|
—
|
|
|
|
(480
|
)
|
|
Operating lease liabilities
|
|
|
79
|
|
|
|
—
|
|
|
Deferred revenue
|
|
|
(17,165
|
)
|
|
|
288,714
|
|
|
Other
|
|
|
(215
|
)
|
|
|
1
|
|
|
Net cash (used in) provided by operating activities
|
|
|
(62,683
|
)
|
|
|
262,333
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(5,226
|
)
|
|
|
(5,354
|
)
|
|
Purchases of marketable securities
|
|
|
(107,747
|
)
|
|
|
(358,671
|
)
|
|
Proceeds from sales and maturities of marketable securities
|
|
|
433,224
|
|
|
|
96,500
|
|
|
Net cash provided by (used in) investing activities
|
|
|
320,251
|
|
|
|
(267,525
|
)
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
11,296
|
|
|
|
1,989
|
|
|
Payment of deferred initial public offering costs
|
|
|
—
|
|
|
|
(3,360
|
)
|
|
Other
|
|
|