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Here are 1-3 brief analogies to describe Adaptive Biotechnologies (ADPT):

• 23andMe for the immune system, providing genetic insights for disease diagnosis and drug discovery.
• Imagine a 'Google Maps' for the immune system, charting its responses to disease to guide new diagnostics and therapies.

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• immunoSEQ: A research platform providing high-resolution sequencing of T-cell and B-cell receptors to deeply profile the adaptive immune system for academic and biopharmaceutical research.
• clonoSEQ: An FDA-cleared diagnostic test to detect and quantify measurable residual disease (MRD) in patients with lymphoid malignancies such as multiple myeloma and acute lymphoblastic leukemia.
• Drug Discovery and Development Services: Partnerships with pharmaceutical companies leveraging Adaptive's immune sequencing technology to identify novel drug targets, biomarkers, and develop cell therapies.

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• Genentech (a member of the Roche Group): Genentech has been a long-standing and significant collaborator with Adaptive Biotechnologies. This partnership involves leveraging Adaptive's immune receptor sequencing platform for drug discovery, development, and companion diagnostics, particularly in the immuno-oncology space.
  • **Roche Group Symbol**: RHHBY (OTCMKTS) or ROG (SIX)
• Microsoft Corporation: While more of a strategic collaboration than a traditional direct customer, Microsoft's multi-year partnership with Adaptive Biotechnologies was a pivotal engagement aimed at mapping the human immune system to develop universal diagnostic tests for various diseases. This collaboration represented a substantial investment and utilization of Adaptive's platform and data capabilities.
  • **Symbol**: MSFT

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• Illumina (ILMN)
• Amazon.com, Inc. (AMZN)

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Chad Robins, Chief Executive Officer, Co-founder, Chairman of the Board

Chad Robins co-founded Adaptive Biotechnologies in 2009 and has served as its Chief Executive Officer and Chairman of the Board since. Before establishing Adaptive, he held various executive-level positions in medical technology, investment, and real estate companies. He holds an MBA from The Wharton School at the University of Pennsylvania and a BS from Cornell University. Mr. Robins has been recognized as a Goldman Sachs Most Intriguing Entrepreneur and received the Ernst & Young Entrepreneur of the Year award. He is also the co-founder and a Director of Aortica Corporation. He has engaged in various stock sales, for instance, in February and March 2025.

Kyle Piskel, Chief Financial Officer

Kyle Piskel was appointed Chief Financial Officer of Adaptive Biotechnologies, effective April 8, 2024. He joined the company in 2015 and has since held ascending positions in finance and accounting, including Corporate Controller and Principal Accounting Officer. Prior to joining Adaptive, Mr. Piskel worked at Expedia Group and Ernst & Young, LLP. He is a Certified Public Accountant.

Julie Rubinstein, President & Chief Operating Officer

Julie Rubinstein serves as President and Chief Operating Officer of Adaptive Biotechnologies. She joined Adaptive in 2011 and has held numerous leadership roles, overseeing functions such as Life Sciences Research, Clinical Diagnostics, Drug Discovery, Corporate Marketing, and Business Development. Ms. Rubinstein was part of the executive team that led the company through its initial public offering in 2019. Her prior experience includes worldwide commercial development roles at Pfizer Oncology, positions at Johnson & Johnson's Ethicon Endo-Surgery division, and a start as a financial analyst in Morgan Stanley's Global Health Care Group.

Sharon Benzeno, PhD, Chief Commercial Officer, Immune Medicine

Dr. Sharon Benzeno is the Chief Commercial Officer, Immune Medicine, and leads the Drug Discovery group at Adaptive Biotechnologies. She joined Adaptive in 2014. Before her tenure at Adaptive, she served as Senior Director at Elsevier Inc., a healthcare informatics company, and co-led the oncology business unit at Capgemini SE. Dr. Benzeno also held various management roles at AstraZeneca plc. She earned a PhD in Biomedical Sciences and an MBA in Finance and Leadership from New York University.

Harlan Robins, PhD, Chief Scientific Officer & Co-founder

Dr. Harlan Robins is the Chief Scientific Officer and co-founder of Adaptive Biotechnologies. He co-founded the company with his brother, Chad Robins, in 2009. Previously, he was the head of the Computational Biology Program at the Fred Hutchinson Cancer Research Center.

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The key risks to Adaptive Biotechnologies (ADPT) include:

1. Financial Performance and Path to Profitability: Adaptive Biotechnologies has consistently reported financial losses and negative free cash flow. While the company maintains some net cash, its long-term viability and sustainability depend on achieving consistent profitability and positive cash flow.
2. Competition and Reimbursement Dynamics: The market for minimal residual disease (MRD) testing, where Adaptive's clonoSEQ is a key product, is becoming increasingly competitive with other companies such as Natera and F. Hoffmann-La Roche developing their own tests. The company's ability to maintain pricing and secure favorable reimbursement for its tests will depend on demonstrating clear clinical outcomes and cost savings, which is crucial as MRD testing becomes more routine and payers may push for cost containment.
3. Dependence on Innovation and Partnerships: Adaptive Biotechnologies operates in a rapidly evolving biotechnology landscape, necessitating continuous innovation to sustain its competitive advantage. Furthermore, aspects of its therapeutic development, particularly in areas like rheumatoid arthritis, are subject to licensing agreements and depend on the development and commercialization efforts of partners such as Pfizer.

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Emerging advancements in **tumor-specific genomic profiling via highly sensitive liquid biopsy technologies (e.g., circulating tumor DNA or ctDNA)** pose an emerging threat to Adaptive Biotechnologies. While Adaptive's clonoSEQ test focuses on immune receptor gene rearrangements for measurable residual disease (MRD) detection in certain hematologic malignancies, the rapid development and validation of ctDNA-based assays from companies like Natera (Signatera) and Guardant Health, though currently primarily focused on solid tumors, demonstrate a powerful alternative approach to MRD detection. Should these tumor-specific genomic profiling methods achieve comparable or superior sensitivity, specificity, and cost-effectiveness in hematologic malignancies, or if they offer broader applicability and easier integration with other genomic insights, they could disrupt the market currently served by clonoSEQ by providing a different, potentially more comprehensive or accessible paradigm for tracking minimal disease.

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Adaptive Biotechnologies (symbol: ADPT) operates in several key areas within immune medicine. The addressable markets for its main products and services are as follows:

clonoSEQ

Adaptive Biotechnologies' clonoSEQ is an FDA-cleared test used for the detection and monitoring of Minimal Residual Disease (MRD) in blood cancers such as multiple myeloma, B cell acute lymphoblastic leukemia (ALL), and chronic lymphocytic leukemia (CLL).

• The global minimal residual disease (MRD) testing market size was estimated at approximately 2.50 billion USD in 2024 and is projected to reach about 4.50 billion USD by 2030, growing at a compound annual growth rate (CAGR) of 10.1% from 2025 to 2030. Other estimates place the global MRD testing market at 1.70 billion USD in 2025, reaching 4.22 billion USD by 2033 with a CAGR of 12.00%, or 2.58 billion USD in 2025, reaching 5.64 billion USD by 2032 with a CAGR of 11.8%. Another report indicates the market reached 2.3 billion USD in 2024 and is expected to reach 5.5 billion USD by 2033.
• North America is a dominant region in the MRD testing market, holding a 46.15% revenue share in 2024. It is also anticipated to hold 35.0% of the market share in 2025.

immunoSEQ Platform

The immunoSEQ Platform is a research-use-only service that provides sequencing of T-cell receptors (TCRs) and B-cell receptors (BCRs) for disease research, biomarker discovery, and therapeutic development.

• The global immune repertoire sequencing market size was approximately 337.43 million USD in 2024, with projections to reach 370 million USD in 2025 and 842.44 million USD by 2034, driven by a CAGR of 9.64%. Other consistent estimates show the market at 366.11 million USD in 2025, exceeding 915.62 million USD by 2035 with a CAGR of over 9.6%.
• North America held a dominant position in this market, with a 47% revenue share in 2024.

T-Detect Franchise

Adaptive Biotechnologies is developing a T-Detect franchise for T-cell based tests to diagnose various diseases.

• T-Detect COVID: This T-cell based test detects recent or prior SARS-CoV-2 infections. T-cell responses can be detected earlier and persist longer than antibody responses. A specific addressable market size for T-cell based COVID-19 testing could not be definitively identified. The broader global COVID-19 diagnostics market has shown significant volatility, with some estimates indicating a decline in market size in future years. Therefore, the addressable market for T-Detect COVID is currently null.
• T-Detect Lyme: This test was launched in June 2022 to identify T cells activated by Borrelia burgdorferi.
  • The global Lyme disease testing market size is anticipated to reach 18.57 billion USD by 2030, with a CAGR of 8.2% from 2024 to 2030. Another report estimates the global market at 11.18 billion USD in 2023, projected to reach approximately 25.05 billion USD by 2033, growing at a CAGR of 8.4% from 2024 to 2033.
  • Europe dominated the Lyme disease testing market with a 48.22% revenue share in 2023, while North America is also a significant and growing market.
• T-Detect CMV: This is a developing product for Cytomegalovirus (CMV) diagnostics.
  • The global Cytomegalovirus (CMV) diagnostics market was valued at 830 million USD in 2025 and is projected to reach 1.3 billion USD by 2033, exhibiting a CAGR of 5.9%. Another estimate indicates the global CMV tests market was valued at 731.24 million USD in 2025 and is on track to achieve 1.19 billion USD by 2032.
  • North America is the dominant region in the CMV diagnostics market.

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Adaptive Biotechnologies (ADPT) is expected to drive future revenue growth over the next 2-3 years through several key areas, primarily centered around its Minimal Residual Disease (MRD) business and strategic advancements.

• Continued Growth in clonoSEQ Clinical Volume and Expanded Indications: The company anticipates sustained strong growth in its clonoSEQ clinical test volumes. This growth is expected to come from broader-based volume expansion across all reimbursed indications, including multiple myeloma, ALL, CLL, DLBCL, and MCL. Further expansion into blood-based testing and increased adoption in community-based testing settings are also significant drivers. Adaptive Biotechnologies has raised its full-year MRD revenue guidance, expecting to deliver approximately 104,000 tests for 2025, exceeding prior growth targets.
• Increased MRD Pharma Collaborations and Milestone Revenue: Adaptive Biotechnologies continues to secure and advance collaborations with biopharmaceutical companies, leveraging its clonoSEQ assay to assess MRD in clinical trials for new treatments for hematologic malignancies. This segment is a consistent contributor to revenue, with anticipated MRD milestone revenue between $18 million and $19 million for 2025. The company has a backlog exceeding $200 million in its MRD Pharma segment, indicating a strong pipeline for future revenue.
• Enhanced EMR Integration and Market Penetration: Deeper integration of clonoSEQ testing into electronic medical records (EMR) systems is a strategic focus that is expected to accelerate adoption and streamline testing processes, thereby driving volume growth. Partnerships aimed at expanding access to personalized disease monitoring for blood cancer patients also contribute to increased market penetration.
• Advancements in Immune Medicine Platform and Partnerships: While the Genentech partnership has concluded for the Immune Medicine segment, Adaptive Biotechnologies is progressing with its AI/ML modeling and T cell depletion antibody programs. The company's proprietary immune medicine platform and its ability to decode the adaptive immune system continue to be foundational for potential future diagnostic and therapeutic applications, informing drug development and enabling new partnership opportunities. Although T-Detect is currently for research use only, the underlying T-cell receptor (TCR) sequencing technology has the potential for future diagnostic and therapeutic product development.

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Share Repurchases

No significant share repurchase programs or activities were reported by Adaptive Biotechnologies from 2020 to 2024.

Share Issuance

• In July 2020, Adaptive Biotechnologies announced the pricing of an underwritten public offering, selling 6,000,000 shares of its common stock at $40.00 per share, generating expected gross proceeds of $240 million for the company.
• The net proceeds from this offering were intended to accelerate investments in TCR-Antigen Map activities, scale commercial and marketing activities for immunoSEQ Dx clinical products and services, and support research and development for drug discovery initiatives.

Inbound Investments

• In the third quarter of 2022, Adaptive Biotechnologies signed a non-dilutive royalty financing agreement with OrbiMed for up to $250 million.

Outbound Investments

No significant outbound investments, such as acquisitions of other companies, were reported by Adaptive Biotechnologies from 2020 to 2024.

Capital Expenditures

• Capital expenditures were $19 million in 2020, $62 million in 2021, $16 million in 2022, $11 million in 2023, and $3.66 million in 2024.
• The significant capital expenditure in 2021 was primarily focused on operational expansion, including moving into a new corporate headquarters in Seattle, Washington, increasing warehouse space in the Seattle area, and opening a new office.