Adaptive Biotechnologies Corporation is a commercial-stage company that develops an immune medicine platform to read and translate the genetic code of the adaptive immune system. Headquartered in Seattle, Washington, the company provides clinical diagnostics and life sciences research tools. Its proprietary technology combines chemistry, computational biology, and machine learning to decode immune system data for the diagnosis and treatment of diseases.
Adaptive Biotechnologies does not have a share repurchase program. As a commercial-stage, cash-consuming biotechnology company it reinvests in its MRD and Immune Medicine businesses; the FY2025 Annual Report on Form 10-K discloses no stock repurchase authorization or buyback activity. (Separately, after the fiscal year end Adaptive completed a convertible-note financing in mid-2026 that included a capped-call and a limited share repurchase to offset dilution.)
For fiscal 2025, two customers each represented more than 10% of Adaptive's total revenue. An MRD-segment customer ("Customer A") accounted for 16.3% of 2025 revenue (up from 15.2% in 2024), and Genentech, Inc. and the Roche Group together accounted for 16.6% of 2025 revenue (down from 27.8% in 2024) under the Immune Medicine collaboration. Adaptive recognized $41.3 million of Genentech collaboration revenue in 2025 ($13.5 million in 2024, $42.6 million in 2023). The Genentech Agreement was terminated on August 13, 2025 (effective February 9, 2026), and the company expects Immune Medicine revenue to decline in the near term as a result; its earlier collaboration with Microsoft has also concluded. In December 2025 Adaptive entered two non-exclusive immune-receptor data agreements with Pfizer Inc. in the Immune Medicine segment.