Adaptive Biotechnologies, working with Microsoft and Amgen to fight COVID-19 using its human immune system sequencing technology, reported a 65% increase in sales in the first quarterto almost $ 21 million.
The Seattle-based company reported a net loss of $ 31.4 million, or 25 cents a share, compared to a loss of $ 18.4 million a year ago as it almost doubled its research and development spending.
Wall Street analysts expect Adaptive to generate sales of $ 22.7 million and a loss of 21 cents per share. In over-the-counter trading, the shares fell by 5%.
Adaptive executives said their immune sequencing platform use in research and clinical facilities declined towards the end of the quarter due to the impact of COVID-19 blocking orders and concerns about the potential spread of the virus in hospitals and other healthcare settings.
"While our business has started strongly, we have seen COVID-19 spread in the past few weeks of March," said Chad Robins, CEO of the company, during a conference call with analysts and investors.
He added: “Although our short-term earnings may be impacted by the macroeconomic challenges in our health and economic environment, I am more confident than ever in our vision for adaptive and in the importance of integrating the immune response fully into disease diagnosis and treatment . "
Robins referred to the company's work on COVID-19 therapies and tests as examples of the potential of Adaptive.
As part of a partnership with Adaptive, pharmaceutical company Amgen will use the company's technology to examine blood samples from COVID-19 survivors and then determine which naturally occurring antibodies in the immune system can be used to neutralize the SARS-CoV-2 virus that causes the disease caused . The goal is to develop therapies to treat the virus.
Microsoft and Adaptive are conducting a virtual clinical trial to better understand how the human immune system responds to COVID-19. They are trying to develop a third type of diagnostic test for COVID-19 that goes beyond existing tests for the detection of the presence of the virus and serological tests for the detection of antibodies, which indicate that someone has recovered from the disease