Adaptive biotechnology’s revenue last year was $154.3 million, up 57% year-on-year. The company has developed techniques to assess immune responses.
The figure was disclosed in the Seattle based company’s fourth quarter earnings report. Revenue grew faster than operating expenses, from $2021 to $363.3 million, an increase of 45% over 2020.
The net loss in 2021 was $273 million, up from $146.2 million in 2020.
Adaptive reported fourth quarter revenue of $37.9 million, an increase of 26%, and a net loss of $61.4 million, higher than $44.6 million.
In a call with analysts on Tuesday, CEO Chad robins highlighted several milestones in 2021.
The company’s emergency department 2019 coronavirus disease detection is authorized. More than 30000 tests have been ordered.
Pharmaceutical partners paid a milestone payment of $10 million using adaptive’s “minimal residual disease” clonoseq blood cancer test data.
Provide more clonoseq tests and add new customers. More than 22500 tests were completed, an increase of 48% over 2020.
Sequencing revenue in 2021 increased to $78.9 million from 2020.
The key cooperation progress with Genetech is to find new T-cell receptors for testing as a therapeutic means. The ongoing collaboration has generated a potential treatment candidate.
Cooperate with biopharmaceutical 2019 coronavirus disease treatment company to support the development of T-cell-based covid-19 vaccine. Nykode has started early clinical trials.
Adaptive is also developing T-cell-based tests for other diseases, including completing the first clinical validation study of the Lyme disease test. The detection of five autoimmune and inflammatory diseases, including Crohn’s disease, is in the early stage of development.
The detection of coronavirus disease in 2019 will be carried out in the company’s covid-19 test. “We’re not only building a lab, we’re also building all the software and data infrastructure so that we can test again and again with exactly the same system,” Robbins said Robbins and his brother Harlan Robbins founded the company in 2009. Adaptive, a derivative of Fred Hutchinson Cancer Research Center, was launched in 2019.
Adaptive expects revenue to rise to $185 million to $195 million in 2022. Its stock value fell sharply from its high in early 2021, roughly reflecting the overall decline in the biotechnology market. At the end of last year, the company had $570.2 million in cash, cash equivalents and securities.