Adaptive Biotechnologies Corp 8-K/A, filed Jan 27, 2020
Adaptive Biotechnologies Corp (ADPT)
About this 8-K/A
Adaptive Biotechnologies Corp filed this 8-K/A on January 27, 2020, reporting on events of January 21, 2020.
Items reported
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 21, 2020
ADAPTIVE BIOTECHNOLOGIES CORPORATION
(Exact name of Registrant as Specified in Its Charter)
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Washington |
001-38957 |
27-0907024 |
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS 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) |
Registrant’s Telephone Number, Including Area Code: (206) 659-0067
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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 |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
This Form 8-K/A amends the Current Report on Form 8-K (the “Form 8-K”), dated January 23, 2020 and filed on January 24, 2020 by Adaptive Biotechnologies Corporation (the “Company”) with respect to Exhibit 99.1 attached to the Form 8-K. The purpose of this amendment is to provide a copy of the Company's press release regarding preliminary estimates of certain Company financial and operational metrics for the three months and fiscal year ended December 31, 2019, which was issued on January 21, 2020. No other changes are being made to the Form 8-K.
The press release attached as Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
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Description |
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99.1 |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Adaptive Biotechnologies Corporation |
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Date: January 24, 2020 |
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By: |
/s/ Chad Cohen |
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Chad Cohen |
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Chief Financial Officer |
EXHIBIT 99.1
Adaptive Announces Preliminary Unaudited Revenue for
Full Year 2019
SEATTLE, Wash., January 21, 2020 – Adaptive Biotechnologies Corporation (Nasdaq:ADPT), a commercial stage biotechnology company that aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease, announced today preliminary unaudited revenue for the full year 2019.
Preliminary and unaudited revenue for full year 2019 is expected to be in the range of $84 – $85 million, reflecting growth of approximately 52% at the midpoint of the range over full year 2018.
“We are pleased with our strong performance in the fourth quarter, as we continued accelerating our efforts to scale our business to aggressively pursue the large pipeline opportunity in front of us,” said Chad Robins, CEO and co-founder of Adaptive Biotechnologies. “Following our FDA clearance and reimbursement progress for clonoSEQ, we focused on investing in market development activities to educate clinicians about the benefits of monitoring MRD for their patients, activating key accounts, and establishing order workflow. During the fourth quarter, these investments translated into meaningful growth in our clinical volumes which grew by more than 25% from third quarter 2019.”
Partly reflecting these investments, Adaptive expects operating and net loss for the year ended December 31, 2019 to increase compared to 2018 and expects operating and net loss for the three months ended December 31, 2019 to increase compared to the three months ended September 30, 2019.
The preliminary financial results and clinical volume growth rate included in this release are estimates prior to the completion of Adaptive’s financial closing procedures and audit procedures by its external auditors and therefore may be subject to adjustment when the actual results are available. Adaptive expects to provide full year 2019 financial results during its fourth quarter 2019 earnings call in late February 2020.
About Adaptive Biotechnologies
Adaptive Biotechnologies is a commercial-stage biotechnology company focused on harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature’s most finely tuned diagnostic and
therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our proprietary immune medicine platform reveals and translates the massive genetics of the adaptive immune system with scale, precision and speed to develop products in life sciences research, clinical diagnostics, and drug discovery. We have two commercial products, and a robust clinical pipeline to diagnose, monitor and enable the treatment of diseases such as cancer, autoimmune conditions and infectious diseases. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding Adaptive’s current expectations, including whether actual financial results for 2019 and the fourth quarter of 2019, and actual clinical volume, when available, will be consistent with preliminary financial results and clinical volume, the impact of investing in market development activities, and other business initiatives. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, those described in Adaptive’s filings with the SEC, including the risks included under the caption “Risk Factors” in the prospectus filed in connection with our initial public offering declared effective on June 26, 2019, as supplemented by risks under the caption “Management’s Discussion & Analysis” in each of our Quarterly Reports on Form 10-Q for the three months ended June 30, 2019 and September 30, 2019, all of which are available on the SEC website at www.sec.gov. Forward-looking statements contained in this announcement are made as of this date, and Adaptive undertakes no duty to update such information except as required under applicable law.
ADAPTIVE MEDIA
Beth Keshishian
917-912-7195
media@adaptivebiotech.com
ADAPTIVE INVESTORS
Carrie Mendivil
415-937-5405
investors@adaptivebiotech.com