Adaptive Biotechnologies CEO Chad Robins. (GeekWire File Photo)

Adaptive Biotechnologies, which is working with Microsoft and Amgen to fight COVID-19 using its technology for sequencing the human immune system, reported a 65% increase in first quarter revenue, to nearly $21 million.

The Seattle-based company posted a net loss of $31.4 million, or 25 cents a share, vs. a loss of $18.4 million a year ago, as it almost doubled its research and development spending.

Wall Street analysts expected Adaptive to post revenue of $22.7 million and a loss of 21 cents per share. Shares fell 5% in after-hours trading.

Adaptive executives said usage of its immune sequencing platforms in research facilities and clinical settings declined toward the end of the quarter due to the impact of COVID-19 lockdown orders and concerns about the potential spread of the virus at hospitals and other health care facilities.

“While our business started off strong, we did start to see an impact from the spread of COVID-19 over the last few weeks of March,” said Chad Robins, the company’s CEO, on a conference call with analysts and investors.

He added, “While our near-term revenue may be impacted due to the macro challenges in our health and economic environments, I am more confident than ever in our vision for Adaptive, and in the importance of broadly incorporating immune response into the diagnosis and treatment of disease.”

Robins pointed to the company’s work on COVID-19 therapies and testing as examples of Adaptive’s potential.

Under a partnership with Adaptive, pharmaceutical giant Amgen will use the company’s technology to screen blood samples of COVID-19 survivors, then identify which naturally occurring antibodies in the immune system can be used to neutralize the SARS-CoV-2 virus that causes the disease. The goal is to develop therapies to treat the virus.

Microsoft and Adaptive are conducting a virtual clinical study to better understand how the human immune system responds to COVID-19. They are seeking to develop a third type of diagnostic test for COVID-19, beyond existing tests that detect the presence of the virus and serology tests that detect antibodies indicating someone has recovered from the disease

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