Adaptive Biotechnologies Corporation (ADPT) SEC Filings & Earnings Calls

Immune Medicine Revenue Decline

“Immune Medicine revenue decreased $3.6 million primarily due to termination of the Genentech Agreement.”

Restructuring and Wind-Down Costs

“In July 2026, we decided to wind down our research-use-only pharma services offering for T-cell receptor sequencing.” · word for word

Immune Medicine revenue decline; business separation introduces execution risk.

“Immune Medicine revenue down 40% overall; separation plan announced.”

Convertible debt adds dilution risk; conversion price $24.11 vs stock price $17.22.

“$345M zero-coupon convertible notes; conversion price $24.11 (40% premium over $17.22).”

Convertible debt adds dilution risk; conversion price $24.11 vs stock price $17.22.

“Initial conversion price $24.11 per share (40% premium over $17.22).”

Debt covenants and event of default provisions could trigger acceleration.

“Indenture includes events of default including cross-default on $50M+ debt.”

Business separation introduces execution risk; convertible offering adds dilution risk.

“Separation of MRD and Immune Medicine; convertible notes offering.”

Immune Medicine revenue decline due to Genentech termination

“The $4.9 million decrease in Immune Medicine revenue was primarily due to a $3.6 million decrease in revenue generated from the Genentech Agreement, resulting from the termination of the Genentech Agreement in August 2025.” · word for word

Accumulated deficit and history of losses

“As of March 31, 2026, we had an accumulated deficit of $1.4 billion.” · word for word

Immune Medicine cash burn miss

“The goal was to obtain a specified cash burn target in the Immune Medicine business, which was not met.” · word for word

DigitalBio subsidiary risk

“Executives hold minority stakes in DigitalBio; company consolidates results; early-stage technology with uncertain commercial potential.”

PSU forfeiture (Ms. Bobulsky)

“The 2025 MRD service revenue goal underlying the PSU was set at a level consistent with the stretch goal under the 2025 annual incentive program. Actual MRD service revenue for 2025 was $192.8 million, and, accordingly, the special PSU award to Ms. Bobulsky was forfeited.” · word for word

Significant net losses and accumulated deficit

“We have incurred significant losses since our inception. For the year ended December 31, 2025, 2024 and 2023, we incurred a net loss of $59.5 million, $159.6 million, and $225.3 million, respectively. As of December 31, 2025, we had an accumulated deficit of $1.4 billion.” · word for word

Dependence on single suppliers for key equipment and reagents

“We rely on a limited number of suppliers, or in many cases single suppliers, to provide certain sequencers, reagents, equipment and other materials that we use in our laboratory operations and product development.” · word for word

Uncertain coverage and reimbursement for diagnostic tests

“If third-party payors, including private payors and government healthcare programs, do not provide coverage of, or adequate reimbursement for, our clinical diagnostic products, our commercial success will be negatively affected.” · word for word

Dependence on Genentech Agreement revenue; excluding it, revenue growth is lower.

“Excluding Genentech Agreement, Q4 revenue growth was 63% vs 51% reported; FY growth 42% vs 55%.”

Subsidiary is early-stage with no revenues and limited activities, increasing execution risk.

“Digital Biotechnologies is an early stage company with no revenues and limited activities to date.” · word for word

Genentech Agreement Termination

“The termination of the Genentech Agreement ... We are no longer eligible to receive additional milestone payments or tiered royalties.”

Cash Burn

“We have incurred losses since inception ... accumulated deficit of $1.3 billion.”

Genentech agreement termination impacts Immune Medicine revenue.

“Immune Medicine revenue recognized upon the full amortization of payments previously received under the terminated Genentech Agreement” · word for word

Dependence on MRD segment for growth; Immune Medicine segment still small.

“Immune Medicine revenue was $3.4 million for the quarter, excluding revenue from the Genentech Agreement.” · word for word