NEW YORK – Adaptive Biotechnologies announced Tuesday after the close of the market preliminary revenues in the range of $84 million to $85 million for fiscal year 2019.
At the midpoint of the range, the unaudited revenues reflect growth of approximately 52 percent over the firm's 2018 revenues. Adaptive said in a statement it expects operating expenses and net loss for the year to increase compared to 2018 but did not say by how much. Other details were not disclosed.
The Seattle-based immune cell sequencing firm also announced a public offering of 8 million shares of common stock. Adaptive will grant the underwriters an option to purchase up to an additional 1.2 million shares. In a Form S-1 filed Tuesday with the US Securities and Exchange Commission, Adaptive said it expects a maximum offering price of $27.90 per share and gross proceeds up to approximately $257 million. JP Morgan, Goldman Sachs, and BofA Securities will act as joint lead book-running managers for the offering; Cowen, Guggenheim Securities, and William Blair will act as book-running managers; BTIG will act as comanager.
In Wednesday morning trading on the Nasdaq, shares of Adaptive were up 2 percent at $27.34.
The Seattle-based immune cell sequencing firm went public in June, raising approximately $321 million in net proceeds. Following the release of its third quarter results in November, Adaptive raised its full-year 2019 revenue guidance to the range of $82 million to $83 million.
Adaptive reported full-year 2018 revenues of $55.7 million and a net loss of $46.4 million.
"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," Adaptive CEO and Cofounder Chad Robins said in a statement. "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 minimal residual disease 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 percent from third quarter 2019."
In its SEC filing, Adaptive said that as of Sept. 30, 2019, it had $708.7 million in cash, cash equivalents, and marketable securities.