0000950170-24-123423 | 10-Q | XBRL Viewer | Adaptive Biotechnologies Corp

Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

6. Investments

Available-for-sale investments consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities
Commercial paper	$	2,443	$	7	$	—		$	2,450
U.S. government treasury and agency securities		187,289		438		(1	)		187,726
Corporate bonds		15,025		44		—			15,069
Total short-term marketable securities	$	204,757	$	489	$	(1	)	$	205,245
Long-term marketable securities
U.S. government treasury securities	$	23,857	$	17	$	(8	)	$	23,866
Total long-term marketable securities	$	23,857	$	17	$	(8	)	$	23,866


	December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities
Commercial paper	$	10,630	$	—	$	—		$	10,630
U.S. government treasury and agency securities		264,214		232		(20	)		264,426
Corporate bonds		6,278		3		—			6,281
Total short-term marketable securities	$	281,122	$	235	$	(20	)	$	281,337

All the U.S. government treasury and agency securities, corporate bonds and commercial paper designated as short-term marketable securities have an effective maturity date that is equal to or less than one year from the respective condensed consolidated balance sheet date. Those that are designated as long-term marketable securities have an effective maturity date that is more than one year from the respective condensed consolidated balance sheet date.

Accrued interest receivable is excluded from the amortized cost and estimated fair value of our marketable securities. Accrued interest receivable of $1.3 million and $1.0 million was presented separately within the prepaid expenses and other current assets balance on the unaudited condensed consolidated balance sheet as of September 30, 2024 and on the condensed consolidated balance sheet as of December 31, 2023, respectively.

The following table presents the gross unrealized holding losses and fair values for investments in an unrealized loss position, and the length of time individual securities have been in a continuous loss position, as of September 30, 2024 (in thousands):


	Less Than 12 Months					12 Months Or Greater
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. government treasury and agency securities	$	15,806	$	(9	)	$	—	$	—
Total available-for-sale securities	$	15,806	$	(9	)	$	—	$	—

We periodically review our available-for-sale securities to assess for credit impairment. Some of the factors considered in assessing impairment include the extent to which the fair value is less than the amortized cost basis, adverse conditions related to the security, an industry or geographic area, changes to security ratings or sector credit ratings and other relevant market data.

As of September 30, 2024, we did not intend, nor were we more likely than not to be required, to sell our available-for-sale investments before the recovery of their amortized cost basis, which may be maturity. Based on our assessment, we concluded all impairment as of September 30, 2024 to be due to factors other than credit loss, such as changes in interest rates. A credit allowance was not recognized and the impairment of our available-for-sale securities was recorded in other comprehensive loss.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Adaptive Biotechnologies Corporation, Adaptive Biotechnologies B.V., our wholly-owned subsidiary, and Digital Biotechnologies, Inc., a corporate subsidiary we have 70% ownership interest in. The remaining interest in Digital Biotechnologies, Inc., held by certain of our related parties and their related family trusts, are shown in the unaudited condensed consolidated financial statements as noncontrolling interest. All intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. Estimates are used in several areas including, but not limited to, estimates of progress to date for certain performance obligations and the transaction price for certain contracts with customers, share-based compensation, imputing interest for our revenue interest purchase agreement (the “Purchase Agreement”), the provision for income taxes, including related reserves, the analysis of goodwill impairment and the recoverability and impairment of long-lived assets, among others. These estimates generally involve complex issues and require judgments, involve the analysis of historical results and prediction of future trends, can require extended periods of time to resolve and are subject to change from period to period. Actual results may differ materially from management’s estimates.
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements In our opinion, the accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. These unaudited condensed consolidated financial statements include all adjustments necessary to fairly state our financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments were of a normal, recurring nature. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2024.
Segment Information	Segment Information We operate as two operating and reportable segments: Minimal Residual Disease (“MRD”) and Immune Medicine. We have determined that our chief executive officer is the chief operating decision maker (“CODM”). The CODM reviews operating results and other financial information presented at the MRD and Immune Medicine segment level, as well as on a consolidated basis, to make resource allocation decisions. The MRD and Immune Medicine segments are also our two reporting units.
Restricted Cash	Restricted Cash We had a restricted cash balance of $3.0 million and $2.9 million as of September 30, 2024 and December 31, 2023, respectively. Our restricted cash primarily relates to certain balances we are required to maintain under lease arrangements for some of our property and facility leases.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the net amount of attributed identifiable assets acquired and liabilities assumed in a business combination measured at fair value. We assess goodwill for impairment annually on October 1, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of one or both of our reporting units below their respective carrying value. We evaluate goodwill for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of one or both of our reporting units is less than their respective carrying amount. If we so determine, or if we choose to bypass the qualitative assessment, we perform a quantitative goodwill impairment test. If impairment exists, the carrying value of the allocated goodwill is reduced to its fair value through an impairment charge recorded in the consolidated statements of operations. To date, we have not recognized any impairment of goodwill.
Concentrations of Risk	Concentrations of Risk We are subject to a concentration of risk from a limited number of suppliers, or in certain cases, single suppliers, for some of our laboratory instruments and materials. This risk is managed by targeting a quantity of surplus stock. Cash, cash equivalents and marketable securities are financial instruments that potentially subject us to concentrations of credit risk. We invest in money market funds, United States (“U.S.”) government treasury and agency securities, corporate bonds and commercial paper with high-quality accredited financial institutions.
Revenue Recognition	Revenue Recognition For all revenue-generating contracts, we perform the following steps to determine the amount of revenue to be recognized: (1) identify the contract or contracts; (2) determine whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (3) measure the transaction price, including the constraint on variable consideration; (4) allocate the transaction price to the performance obligations based on estimated selling prices; and (5) recognize revenue when (or as) we satisfy each performance obligation. We derive revenue by providing diagnostic and research services in our MRD and Immune Medicine business areas. Our MRD revenue consists of revenue generated from (1) providing our clonoSEQ report to clinical customers; (2) providing MRD sample testing services to biopharmaceutical customers and certain academic institutions, including investigator-led clinical trials; and (3) providing our clonoSEQ report or results to certain international laboratory sites through technology transfers. Our Immune Medicine revenue consists of revenue generated from (1) providing sample testing services for our commercial research product, Adaptive Immunosequencing, to biopharmaceutical customers and academic institutions; and (2) our collaboration agreements with Genentech, Inc. (“Genentech”) and other biopharmaceutical customers in areas of drug and target discovery. For agreements where we provide our clonoSEQ report to ordering physicians, we have identified one performance obligation: the delivery of a clonoSEQ report. We bill and receive payments for these transactions from commercial, government and medical institution payors. As payment from the respective payors may vary based on the various reimbursement rates and patient responsibilities, we consider the transaction price to be variable and record an estimate of the transaction price, subject to the constraint for variable consideration, as revenue at the time of delivery. The estimate of transaction price is based on historical and expected reimbursement rates with the various payors, which are monitored in subsequent periods and adjusted, as necessary, based on actual collection experience. Regarding our clonoSEQ coverage under Medicare, we bill an episode of treatment when we deliver the first eligible test report. This billing contemplates all necessary tests required during a patient’s treatment cycle, which is currently estimated at approximately four tests per patient, including the initial sequence identification test. Revenue recognition commences at the time the initial billable test report is delivered and is based upon cumulative tests delivered to date. We estimate the number of tests we expect to deliver over a patient’s treatment cycle based on historical testing frequencies for patients by indication. These estimates are subject to change as we develop more information about utilization over time. Any unrecognized revenue from the initial billable test is recorded as deferred revenue and is recognized either as we deliver our estimate of the remaining tests in a patient’s treatment cycle or when the likelihood becomes remote that a patient will receive additional testing. The contract transaction price for agreements we enter into with biopharmaceutical customers to further develop and commercialize their therapeutics may consist of a combination of non-refundable upfront fees, separately priced MRD testing fees and milestone fees earned upon our customers’ achievement of certain regulatory approvals. Depending on the contract, these agreements include single or multiple performance obligations. Such performance obligations include providing services to support our customers’ therapeutic development efforts, including regulatory support where our technology is intended to be utilized as part of our customers’ registrational trials, developing analytical plans for our data, participating on joint committees, assisting in completing a regulatory submission and providing MRD testing services related to customer-provided samples for our customers' regulatory submissions. Generally, the support services, excluding MRD testing services, are not distinct within the context of the contract and thus are accounted for as a single performance obligation. The transaction price allocated to the respective performance obligations is estimated using an adjusted market assessment approach for the regulatory support services and a standalone selling price for the estimated MRD testing services. When MRD sample testing services are separately priced customer options, we assess if a material right exists and, if not, the customer option to purchase additional MRD sample testing services is not considered part of the contract. We recognize revenue related to MRD testing services over time using an output method based on the proportion of sample results delivered relative to the total amount of sample results expected to be delivered, when expected to be a faithful depiction of progress. We use the same method to recognize the regulatory support services. When an output method based on the proportion of sample results delivered is not expected to be a faithful depiction of progress, we utilize an input method using a cost-based model based on estimates of effort completed. Selecting the measure of progress and estimating progress to date requires significant judgment. Except for any non-refundable upfront fees, the other forms of compensation represent variable consideration. At contract inception, we fully constrain any consideration related to regulatory milestones, as the achievement of such milestones is subject to third-party regulatory approval and the customers’ own submission decision-making. Variable consideration related to regulatory milestones is estimated using the most likely amount method, where variable consideration is constrained until it is probable that a significant reversal of cumulative revenue will not occur. Milestone payments for regulatory approvals, which are not within our customers’ control, are not considered probable of being achieved until those approvals are received. Determining whether regulatory milestone payments are probable is an area that requires significant judgment. In making this assessment, we evaluate scientific, clinical, regulatory and other risks, as well as the level of effort and investment required to achieve the respective milestone. For research customers who utilize either our MRD or Adaptive Immunosequencing services, contracts typically include an amount billed in advance of services (“upfront”) and subsequent billings as sample results are delivered to the customer. Upfront amounts received are recorded as deferred revenue, which we recognize as revenue upon satisfaction of performance obligations. We have identified two typical performance obligations under the terms of our research service contracts: (1) the delivery of our MRD data or Adaptive Immunosequencing for customer provided samples; and (2) related data analysis. We recognize revenue for both identified performance obligations as sample results are delivered to the customer. In periods where our sample estimates are reduced or a customer project is cancelled and, in either case, we have remaining related deferred revenue, we recognize revenue using a cumulative catch-up approach based on the proportion of samples delivered to date relative to the total samples expected to be delivered.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which intends to enhance reportable segment disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance is to be applied retrospectively. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which primarily intends to enhance the rate reconciliation and income taxes paid disclosures. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the guidance is to be applied prospectively; retrospective application is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which intends to improve financial reporting by requiring disclosure of additional information about specific expense categories. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the guidance is to be applied prospectively and may be applied retrospectively. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

Equity Incentive Plans - Summary of Restricted Stock Unit Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Weighted-Average Grant Date Fair Value per Share
Weighted-Average Grant Date Fair Value per Share, Nonvested Outstanding, Granted	$ 2.7	$ 5.61
Restricted Stock Units (RSUs) \| 2019 Equity Incentive Plan
Restricted Stock Units Outstanding
Restricted Stock Units Outstanding, Nonvested Outstanding, Beginning Balance	9,669,460
Restricted Stock Units Outstanding, Granted	5,456,974
Restricted Stock Units Outstanding, Forfeited	(2,240,483)
Restricted Stock Units Outstanding, Vested	(2,413,422)
Restricted Stock Units Outstanding, Nonvested Outstanding, Ending Balance	10,472,529
Weighted-Average Grant Date Fair Value per Share
Weighted-Average Grant Date Fair Value per Share, Nonvested Outstanding, Beginning Balance	$ 10.32
Weighted-Average Grant Date Fair Value per Share, Nonvested Outstanding, Granted	4	$ 8.36
Weighted-Average Grant Date Fair Value per Share, Nonvested Outstanding, Forfeited	8.02
Weighted-Average Grant Date Fair Value per Share, Nonvested Outstanding, Vested	11
Weighted-Average Grant Date Fair Value per Share, Nonvested Outstanding, Ending Balance	$ 7.36

Net Loss Per Share Attributable to Adaptive Biotechnologies Corporation Common Shareholders - Weighted-Average Common Stock Equivalents were Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	26,930,284	26,020,265	26,968,640	25,210,492
Common Stock Options Granted
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	12,520,579	13,806,283	12,885,829	14,054,478
Nonvested Restricted Stock Units Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	10,578,591	10,301,308	10,697,694	9,575,868
Nonvested Market-based Restricted Stock Units Outstanding Granted
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	3,831,114	1,912,674	3,385,117	1,580,146

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive (Loss) Gain	Accumulated Deficit	Noncontrolling Interest
Beginning Balance at Dec. 31, 2022	$ 464,098	$ 14	$ 1,387,349	$ (4,116)	$ (919,082)	$ (67)
Beginning Balance, Shares at Dec. 31, 2022		143,105,002
Issuance of common stock for cash upon exercise of stock options	2,158		2,158
Issuance of common stock for cash upon exercise of stock options, Shares		367,405
Vesting of restricted stock units, net		1,300,344
Share-based compensation expense	47,352		47,352
Other comprehensive income	3,866			3,866
Net loss	(155,837)				(155,809)	(28)
Ending Balance at Sep. 30, 2023	361,637	$ 14	1,436,859	(250)	(1,074,891)	(95)
Ending Balance, Shares at Sep. 30, 2023		144,772,751
Beginning Balance at Jun. 30, 2023	395,967	$ 14	1,421,506	(893)	(1,024,591)	(69)
Beginning Balance, Shares at Jun. 30, 2023		144,645,118
Issuance of common stock for cash upon exercise of stock options	17		17
Issuance of common stock for cash upon exercise of stock options, Shares		20,000
Vesting of restricted stock units, net		107,633
Share-based compensation expense	15,336		15,336
Other comprehensive income	643			643
Net loss	(50,326)				(50,300)	(26)
Ending Balance at Sep. 30, 2023	361,637	$ 14	1,436,859	(250)	(1,074,891)	(95)
Ending Balance, Shares at Sep. 30, 2023		144,772,751
Beginning Balance at Dec. 31, 2023	308,278	$ 14	1,452,502	215	(1,144,332)	(121)
Beginning Balance, Shares at Dec. 31, 2023		145,082,271
Issuance of common stock for cash upon exercise of stock options	$ 114		114
Issuance of common stock for cash upon exercise of stock options, Shares	65,900	65,900
Vesting of restricted stock units, net		2,413,415
Share-based compensation expense	$ 40,778		40,778
Other comprehensive income	282			282
Net loss	(125,878)				(125,800)	(78)
Ending Balance at Sep. 30, 2024	223,574	$ 14	1,493,394	497	(1,270,132)	(199)
Ending Balance, Shares at Sep. 30, 2024		147,561,586
Beginning Balance at Jun. 30, 2024	241,430	$ 14	1,479,832	(182)	(1,238,061)	(173)
Beginning Balance, Shares at Jun. 30, 2024		147,462,201
Issuance of common stock for cash upon exercise of stock options	40		40
Issuance of common stock for cash upon exercise of stock options, Shares		20,000
Vesting of restricted stock units, net		79,385
Share-based compensation expense	13,522		13,522
Other comprehensive income	679			679
Net loss	(32,097)				(32,071)	(26)
Ending Balance at Sep. 30, 2024	$ 223,574	$ 14	$ 1,493,394	$ 497	$ (1,270,132)	$ (199)
Ending Balance, Shares at Sep. 30, 2024		147,561,586

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Restructurings

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructurings

12. Restructurings

During the three months ended March 31, 2024, we implemented a restructuring plan to better align our organization to our two operating segments: MRD and Immune Medicine. We incurred aggregate restructuring costs of $1.0 million, primarily related to one-time termination benefits and ongoing benefit arrangements, which were paid as of June 30, 2024.

During the three months ended June 30, 2024, we implemented additional restructuring initiatives which impacted certain planned software enhancements and resulted in the consolidation of certain research and development workflows. The impacted software enhancements were primarily associated with our laboratory information management systems. As part of these restructurings, we had long-lived assets that were no longer being utilized and we vacated certain leased space in South San Francisco, California. As such, we assessed the related assets for impairment by first comparing their carrying amounts to the future net undiscounted cash flows projected to be generated over their remaining lease terms or depreciable lives, as applicable. The carrying amounts were all found to be unrecoverable, thus we assessed the fair values of the assets. The extent to which the carrying amounts of the assets exceed their fair values represents the impairment costs to be recognized. As a result of our assessments, we recognized $7.2 million of impairment charges. Of the $7.2 million charges recognized, $1.1 million and $3.3 million relates to the right-of-use asset and related long-lived assets (namely laboratory equipment and leasehold improvements), respectively, associated with certain of our leased space in South San Francisco, California. The remaining $2.8 million recognized relates to the impairment of long-lived assets associated with our halted software enhancements. We also incurred an additional $0.7 million in restructuring costs primarily related to one-time termination benefits and ongoing benefit arrangements, all of which has been paid as of September 30, 2024.

Additionally, we incurred aggregate restructuring costs of $0.2 million during the three months ended September 30, 2024, which primarily related to one-time termination benefits and ongoing benefit arrangements. These restructuring costs have not been paid as of September 30, 2024.

In total, we recognized restructuring costs of $9.1 million during the nine months ended September 30, 2024. We expect the activities related to these restructurings to be complete as of December 31, 2024.

Equity Incentive Plans - Summary of Estimated Grant Date Fair Value of Stock Options Granted (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 3.99	$ 8.46
Risk-free interest rate	4.20%
Risk-free interest rate, minimum		4.20%
Risk-free interest rate, maximum		4.30%
Expected volatility, minimum	74.50%	71.20%
Expected volatility, maximum	75.00%	71.60%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 7 days	5 years 3 months 7 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables set forth our segment information for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):


	Three Months Ended September 30, 2024
	MRD			Immune Medicine			Unallocated Corporate			Total
Revenue	$	37,470		$	8,965		$	—		$	46,435
Operating expenses		52,538			20,689			5,840			79,067
Adjusted EBITDA(1)		(6,120	)		(5,212	)		(2,968	)		(14,300	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(15,068	)	$	(11,724	)	$	(5,305	)	$	(32,097	)
Net loss attributable to noncontrolling interest		—			—			26			26
Net loss attributable to Adaptive Biotechnologies Corporation		(15,068	)		(11,724	)		(5,279	)		(32,071	)
Interest and other income, net		—			—			(3,474	)		(3,474	)
Interest expense(2)		—			—			2,939			2,939
Depreciation and amortization expense		2,428			1,728			435			4,591
Restructuring expense(3)		167			26			—			193
Share-based compensation expense(4)		6,353			4,758			2,411			13,522
Adjusted EBITDA(1)	$	(6,120	)	$	(5,212	)	$	(2,968	)	$	(14,300	)


	Three Months Ended September 30, 2023
	MRD			Immune Medicine			Unallocated Corporate			Total
Revenue	$	24,668		$	13,251		$	—		$	37,919
Operating expenses		55,977			26,400			6,498			88,875
Adjusted EBITDA(1)		(21,616	)		(4,986	)		(3,229	)		(29,831	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(31,309	)	$	(13,148	)	$	(5,869	)	$	(50,326	)
Net loss attributable to noncontrolling interest		—			—			26			26
Net loss attributable to Adaptive Biotechnologies Corporation		(31,309	)		(13,148	)		(5,843	)		(50,300	)
Interest and other income, net		—			—			(4,282	)		(4,282	)
Interest expense(2)		—			—			3,652			3,652
Depreciation and amortization expense		2,489			2,546			728			5,763
Share-based compensation expense(4)		7,204			5,616			2,516			15,336
Adjusted EBITDA(1)	$	(21,616	)	$	(4,986	)	$	(3,229	)	$	(29,831	)


	Nine Months Ended September 30, 2024
	MRD			Immune Medicine			Unallocated Corporate			Total
Revenue	$	105,380		$	26,118		$	—		$	131,498
Operating expenses		170,785			70,663			18,762			260,210
Adjusted EBITDA(1)		(34,668	)		(19,172	)		(10,086	)		(63,926	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(65,405	)	$	(44,545	)	$	(15,928	)	$	(125,878	)
Net loss attributable to noncontrolling interest		—			—			78			78
Net loss attributable to Adaptive Biotechnologies Corporation		(65,405	)		(44,545	)		(15,850	)		(125,800	)
Interest and other income, net		—			—			(11,462	)		(11,462	)
Interest expense(2)		—			—			8,628			8,628
Depreciation and amortization expense		7,733			5,777			1,298			14,808
Impairment of long-lived assets(3)		2,819			4,386			—			7,205
Restructuring expense(3)		1,195			722			—			1,917
Share-based compensation expense(4)		18,990			14,488			7,300			40,778
Adjusted EBITDA(1)	$	(34,668	)	$	(19,172	)	$	(10,086	)	$	(63,926	)


	Nine Months Ended September 30, 2023
	MRD			Immune Medicine			Unallocated Corporate			Total
Revenue	$	71,977		$	52,515		$	—		$	124,492
Operating expenses		170,946			88,753			20,760			280,459
Adjusted EBITDA(1)		(71,081	)		(11,149	)		(9,518	)		(91,748	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(98,969	)	$	(36,236	)	$	(20,632	)	$	(155,837	)
Net loss attributable to noncontrolling interest		—			—			28			28
Net loss attributable to Adaptive Biotechnologies Corporation		(98,969	)		(36,236	)		(20,604	)		(155,809	)
Interest and other income, net		—			—			(10,918	)		(10,918	)
Interest expense(2)		—			—			10,788			10,788
Depreciation and amortization expense		6,812			7,907			2,120			16,839
Share-based compensation expense(4)		21,076			17,180			9,096			47,352
Adjusted EBITDA(1)	$	(71,081	)	$	(11,149	)	$	(9,518	)	$	(91,748	)

(1) Adjusted EBITDA is a non-GAAP financial measure. See “Management's Discussion and Analysis of Financial Condition and Results of Operations—Adjusted EBITDA” for an explanation of how it is calculated and used by management.

(2) Represents costs associated with our revenue interest liability and noncash interest costs associated with the amortization of the related deferred issuance costs. See Note 8, Revenue Interest Purchase Agreement for details on the Purchase Agreement.

(3) Represents expenses recognized in conjunction with restructuring activities. See Note 12, Restructurings for details on our restructuring expenses.

(4) Represents share-based compensation expense related to stock option, restricted stock unit and market-based restricted stock unit awards. See Note 11, Equity Incentive Plans for details on our share-based compensation expense.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Legal Proceedings

We are subject to claims and assessments from time to time in the ordinary course of business. We will accrue a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. We were not party to any material legal proceedings as of September 30, 2024.

Indemnification Agreements

In the ordinary course of business, we may provide indemnification of varying scope and terms to vendors, lessors, customers and other parties with respect to certain matters including, but not limited to, losses arising out of breach of our agreements with them or from intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with members of our board of directors and certain of our executive officers that will require us to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments that we could be required to make under these indemnification agreements is, in many cases, unlimited. We have not incurred any material costs as a result of such indemnifications and are not currently aware of any indemnification claims.

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets
Total financial assets	$ 255,281	$ 326,460
Level 1
Financial assets
Total financial assets	26,170	45,123
Level 2
Financial assets
Total financial assets	229,111	281,337
Money Market Funds
Financial assets
Total financial assets	26,170	45,123
Money Market Funds \| Level 1
Financial assets
Total financial assets	26,170	45,123
Commercial Paper
Financial assets
Total financial assets	2,450	10,630
Commercial Paper \| Level 2
Financial assets
Total financial assets	2,450	10,630
U.S. Government Treasury and Agency Securities
Financial assets
Total financial assets	211,592	264,426
U.S. Government Treasury and Agency Securities \| Level 2
Financial assets
Total financial assets	211,592	264,426
Corporate Bonds
Financial assets
Total financial assets	15,069	6,281
Corporate Bonds \| Level 2
Financial assets
Total financial assets	$ 15,069	$ 6,281

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following tables set forth the fair values of financial assets as of September 30, 2024 and December 31, 2023 that were measured at fair value on a recurring basis (in thousands):


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	26,170	$	—	$	—	$	26,170
Commercial paper		—		2,450		—		2,450
U.S. government treasury and agency securities		—		211,592		—		211,592
Corporate bonds		—		15,069		—		15,069
Total financial assets	$	26,170	$	229,111	$	—	$	255,281


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	45,123	$	—	$	—	$	45,123
Commercial paper		—		10,630		—		10,630
U.S. government treasury and agency securities		—		264,426		—		264,426
Corporate bonds		—		6,281		—		6,281
Total financial assets	$	45,123	$	281,337	$	—	$	326,460

Level 1 securities include highly liquid money market funds, for which we measure the fair value based on quoted prices in active markets for identical assets or liabilities. Level 2 securities consist of U.S. government treasury and agency securities, corporate bonds and commercial paper, and are valued based on recent trades of securities in inactive markets or on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Equity Incentive Plans - Summary of Stock Option Activity Under 2009 Plan and 2019 Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Shares Subject to Outstanding Stock Options, Stock Options outstanding, Beginning Balance	12,875,045
Shares Subject to Outstanding Stock Options, Stock Options granted	1,008,364
Shares Subject to Outstanding Stock Options, Stock Options forfeited	(710,677)
Shares Subject to Outstanding Stock Options, Stock Options expired	(695,796)
Shares Subject to Outstanding Stock Options, Stock Options exercised	(65,900)
Shares Subject to Outstanding Stock Options, Stock Options outstanding, Ending Balance	12,411,036
Shares Subject to Outstanding Stock Options, Stock Options vested and exercisable	9,774,517
Weighted Average Exercise Price per Share, Stock Options outstanding, Beginning Balance	$ 15.9
Weighted Average Exercise Price per Share, Stock Options granted	3.99
Weighted Average Exercise Price per Share, Stock Options forfeited	11.69
Weighted Average Exercise Price per Share, Stock Options expired	19.19
Weighted Average Exercise Price per Share, Stock Options exercised	1.72
Weighted Average Exercise Price per Share, Stock Options outstanding, Ending Balance	15.06
Weighted Average Exercise Price per Share, Stock Options vested and exercisable	$ 16.21
Aggregate Intrinsic Value, Stock Option outstanding	$ 1,374
Aggregate Intrinsic Value, Stock Options vested and exercisable	$ 371

Revenue Interest Purchase Agreement (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue Interest Liability, Net Activity

The following table sets forth the revenue interest liability, net activity during the nine months ended September 30, 2024 (in thousands):


Revenue interest liability, net at December 31, 2023	$	130,660
Interest expense		2,993
Revenue interest payable		(2,108	)
Revenue interest liability, net at March 31, 2024		131,545
Interest expense		2,696
Revenue interest payable		(2,159	)
Revenue interest liability, net at June 30, 2024		132,082
Interest expense		2,939
Revenue interest payable		(2,321	)
Revenue interest liability, net at September 30, 2024	$	132,700

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the fair values of financial assets as of September 30, 2024 and December 31, 2023 that were measured at fair value on a recurring basis (in thousands):


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	26,170	$	—	$	—	$	26,170
Commercial paper		—		2,450		—		2,450
U.S. government treasury and agency securities		—		211,592		—		211,592
Corporate bonds		—		15,069		—		15,069
Total financial assets	$	26,170	$	229,111	$	—	$	255,281


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	45,123	$	—	$	—	$	45,123
Commercial paper		—		10,630		—		10,630
U.S. government treasury and agency securities		—		264,426		—		264,426
Corporate bonds		—		6,281		—		6,281
Total financial assets	$	45,123	$	281,337	$	—	$	326,460

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 26, 2024, Chad Robins, Chief Executive Officer and Director, adopted a Rule 10b5-1 trading plan. Mr. Robins’s plan provides for the sale of up to 755,555 shares of our common stock until June 9, 2025. This plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and our policies regarding transactions in our securities. Additionally, on August 26, 2024, Harlan Robins, Chief Scientific Officer, adopted a Rule 10b5-1 trading plan. Dr. Robins’s plan provides for the sale of up to 70,110 shares of our common stock until June 9, 2025. This plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and our policies regarding transactions in our securities.
Chad Robins [Member]
Trading Arrangements, by Individual
Name	Chad Robins
Title	Chief Executive Officer and Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 26, 2024
Expiration Date	June 9, 2025
Arrangement Duration	9 months 15 days
Aggregate Available	755,555
Harlan Robins [Member]
Trading Arrangements, by Individual
Name	Harlan Robins
Title	Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 26, 2024
Expiration Date	June 9, 2025
Arrangement Duration	9 months 15 days
Aggregate Available	70,110

Investments - Schedule of Gross Unrealized Holding Losses and Fair Value for Investments in Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Schedule of Available-for-Sale Securities [Line Items]
Less than 12 months, Fair value	$ 15,806
Less than 12 months, Unrealized loss	(9)
U.S. Government Treasury and Agency Securities
Schedule of Available-for-Sale Securities [Line Items]
Less than 12 months, Fair value	15,806
Less than 12 months, Unrealized loss	$ (9)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2024 USD ($) Segment
Segment Reporting Information [Line Items]
Number of reporting segments \| Segment	2
Inter-segment
Segment Reporting Information [Line Items]
Revenue \| $	$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Significant Accounting Policies - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Number of operating and reportable segments \| Segment	2
Restricted cash \| $	$ 2,978	$ 2,932
Digital Biotechnologies Inc
Significant Accounting Policies [Line Items]
Ownership interest percentage	70.00%

Investments - Schedule of Available-for-sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Short-Term Marketable Securities
Schedule of Available-for-Sale Securities [Line Items]
Amortized Cost	$ 204,757	$ 281,122
Unrealized Gain	489	235
Unrealized Loss	(1)	(20)
Estimated Fair Value	205,245	281,337
Long-Term Marketable Securities
Schedule of Available-for-Sale Securities [Line Items]
Amortized Cost	23,857
Unrealized Gain	17
Unrealized Loss	(8)
Estimated Fair Value	23,866
Commercial Paper \| Short-Term Marketable Securities
Schedule of Available-for-Sale Securities [Line Items]
Amortized Cost	2,443	10,630
Unrealized Gain	7
Estimated Fair Value	2,450	10,630
U.S. Government Treasury and Agency Securities \| Short-Term Marketable Securities
Schedule of Available-for-Sale Securities [Line Items]
Amortized Cost	187,289	264,214
Unrealized Gain	438	232
Unrealized Loss	(1)	(20)
Estimated Fair Value	187,726	264,426
U.S. Government Treasury Securities \| Long-Term Marketable Securities
Schedule of Available-for-Sale Securities [Line Items]
Amortized Cost	23,857
Unrealized Gain	17
Unrealized Loss	(8)
Estimated Fair Value	23,866
Corporate Bonds \| Short-Term Marketable Securities
Schedule of Available-for-Sale Securities [Line Items]
Amortized Cost	15,025	6,278
Unrealized Gain	44	3
Estimated Fair Value	$ 15,069	$ 6,281

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Investments

Available-for-sale investments consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities
Commercial paper	$	2,443	$	7	$	—		$	2,450
U.S. government treasury and agency securities		187,289		438		(1	)		187,726
Corporate bonds		15,025		44		—			15,069
Total short-term marketable securities	$	204,757	$	489	$	(1	)	$	205,245
Long-term marketable securities
U.S. government treasury securities	$	23,857	$	17	$	(8	)	$	23,866
Total long-term marketable securities	$	23,857	$	17	$	(8	)	$	23,866


	December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities
Commercial paper	$	10,630	$	—	$	—		$	10,630
U.S. government treasury and agency securities		264,214		232		(20	)		264,426
Corporate bonds		6,278		3		—			6,281
Total short-term marketable securities	$	281,122	$	235	$	(20	)	$	281,337

Schedule of Gross Unrealized Holding Losses and Fair Value for Investments in Unrealized Loss Position


	Less Than 12 Months					12 Months Or Greater
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. government treasury and agency securities	$	15,806	$	(9	)	$	—	$	—
Total available-for-sale securities	$	15,806	$	(9	)	$	—	$	—

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

We disaggregate our revenue from contracts with customers by business area and type of arrangement, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

The following table presents our disaggregated revenue for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
MRD revenue
Service revenue	$	32,470	$	24,668	$	92,880	$	71,977
Regulatory milestone revenue		5,000		—		12,500		—
Total MRD revenue		37,470		24,668		105,380		71,977
Immune Medicine revenue
Service revenue		5,453		5,238		16,160		17,848
Collaboration revenue		3,512		8,013		9,958		34,667
Total Immune Medicine revenue		8,965		13,251		26,118		52,515
Total revenue	$	46,435	$	37,919	$	131,498	$	124,492

During the three months ended September 30, 2024, we recognized $1.5 million in MRD service revenue related to Medicare reimbursements resulting from our determination that the likelihood of additional testing for specific patients was remote and $1.0 million in Immune Medicine service revenue related to cancelled customer contracts. During the three months ended September 30, 2023, we recognized $1.9 million in MRD service revenue related to Medicare reimbursements resulting from our determination that the likelihood of additional testing for specific patients was remote and from cancelled customer contracts.

During the nine months ended September 30, 2024, we recognized $4.3 million in MRD service revenue related to Medicare reimbursements resulting from our determination that the likelihood of additional testing for specific patients was remote and $1.1 million in Immune Medicine service revenue related to cancelled customer contracts. During the nine months ended September 30, 2023, we recognized $4.6 million in revenue related to Medicare reimbursements resulting from our determination that the likelihood of additional testing for specific patients was remote, cancelled customer contracts and changes in estimates of total samples to be provided under certain of our agreements, $4.2 million of which was recognized as MRD service revenue and $0.4 million of which was recognized as Immune Medicine service revenue.

As of September 30, 2024, we could receive up to an additional $418.5 million in milestone payments in future periods if certain regulatory approvals are obtained by our customers’ therapeutics in connection with MRD data generated from our MRD product.

Genentech Collaboration Agreement

In December 2018, we entered into a worldwide collaboration and license agreement with Genentech (the “Genentech Agreement”) to leverage our capability to develop cellular therapies in oncology. Subsequent to receipt of regulatory approval in January 2019, we received a non-refundable, upfront payment of $300.0 million in February 2019. Additionally, we received a $10.0 million milestone in 2023. We may be eligible to receive $1.8 billion over time, including payments of up to $65.0 million upon the achievement of specified regulatory milestones, up to $300.0 million upon the achievement of specified development milestones and up to $1,430.0 million upon the achievement of specified commercial milestones. In addition, we are separately able to receive tiered royalties at a rate ranging from the mid-single digits to the mid-teens on aggregate worldwide net sales of products arising from the strategic collaboration, subject to certain reductions, with aggregate minimum floors. Under the Genentech Agreement, we are pursuing two product development pathways for novel T cell therapeutic products in which Genentech intends to use T cell receptors (“TCRs”) screened by our immune medicine platform to engineer and manufacture cellular medicines:

•

Shared Products. The shared products will use “off-the-shelf” TCRs identified against cancer antigens shared among patients (“Shared Products”).

•

Personalized Product. The personalized product will use patient-specific TCRs identified by real-time screening of TCRs against cancer antigens in each patient (“Personalized Product”).

Under the terms of the Genentech Agreement, we granted Genentech exclusive worldwide licenses to develop and commercialize TCR-based cellular therapies in the field of oncology, including licenses to existing shared antigen data packages. Additionally, Genentech has the right to determine which product candidates to further develop for commercialization purposes. We determined that this arrangement meets the criteria set forth in Accounting Standards Codification (“ASC”) Topic 808, Collaborative Arrangements (“ASC 808”), because both parties are active participants in the activity and are exposed to significant risks and rewards depending on the activity’s commercial failure or success. Because ASC 808 does not provide guidance on how to account for the activities under a collaborative arrangement, we applied the guidance in ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) to account for the activities related to the Genentech Agreement.

In applying ASC 606, we identified the following performance obligations at the inception of the agreement:

License to utilize on an exclusive basis all TCR-specific platform intellectual property to develop and commercialize any licensed products in the field of oncology.

License to utilize all data and information within each shared antigen data package and any other know-how disclosed by us to Genentech in oncology.

License to utilize all private antigen TCR product data in connection with research and development activities in the field of use.

License to existing shared antigen data packages.

Research and development services for Shared Products development, including expansion of shared antigen data packages.

Research and development services for private product development.

Obligations to participate on various joint research, development and project committees.

We determined that none of the licenses, research and development services or obligations to participate on various committees were distinct within the context of the contract, given such rights and activities were highly interrelated and there was substantial additional research and development to further develop the licenses. We considered factors such as the stage of development of the respective existing antigen data packages, the subsequent development that would be required to both identify and submit a potential target for investigational new drug acceptance under both product pathways and the variability in research and development pathways given Genentech’s control of product commercialization. Specifically, under the Genentech Agreement, Genentech is not required to pursue development or commercialization activities pertaining to both product pathways and may choose to proceed with one or the other. Accordingly, we determined that all of the identified performance obligations were attributable to one general performance obligation, which is to further the development of our TCR-specific platform, including data packages, and continue to make our TCR identification process available to Genentech to pursue either product pathway.

Separately, we have a responsibility to Genentech to enter into a supply and manufacturing agreement for patient-specific TCRs as it pertains to any Personalized Product therapeutic. We determined this was an option right of Genentech should they pursue commercialization of a Personalized Product therapy. Because of the uncertainty resulting from the early stage of development, the novel approach of our collaboration with Genentech and our rights to future commercial milestones and royalty payments, we determined that this option right was not a material right that should be accounted for at inception. As such, we will account for the supply and manufacturing agreement when entered into between the parties.

We determined the initial transaction price shall be made up of only the $300.0 million upfront, non-refundable payment, as all potential regulatory and development milestone payments were probable of significant revenue reversal given their achievement was highly dependent on factors outside our control. As a result, these payments were fully constrained and were not included in the initial transaction price. In May 2023, one of the regulatory milestones was achieved, resulting in a $10.0 million addition to the transaction price, $7.7 million of which was recognized as revenue in the three months ended June 30, 2023, with the remainder included in deferred revenue to be recognized as revenue over the remaining research and development period. We continue to exclude the commercial milestones and potential royalties from the transaction price, as those items relate predominantly to the license rights granted to Genentech and will be assessed when and if such events occur.

As there are potential substantive developments necessary, which Genentech may be able to direct, we determined that we would apply a proportional performance model to recognize revenue for our performance obligation. We measure proportional performance using an input method based on costs incurred relative to the total estimated costs of research and development efforts to pursue both the Shared Products and Personalized Product pathways. When any of the potential regulatory and development milestones are no longer fully constrained and are included in the transaction price, such amounts will be recognized using the cumulative catch-up method based on proportional performance at such time. We currently expect to recognize revenue generated from the Genentech Agreement over a period of approximately nine years from the effective date. This estimate of the research and development period considers pursuit options of development activities supporting both the Shared Products and Personalized Product, but may be reduced or increased based on the various activities as directed by the joint committees, decisions made by Genentech, regulatory feedback or other factors not currently known.

In total, we recognized $3.5 million and $8.0 million in Immune Medicine collaboration revenue during the three months ended September 30, 2024 and 2023, respectively, and $10.0 million and $34.7 million in Immune Medicine collaboration revenue during the nine months ended September 30, 2024 and 2023, respectively, related to the Genentech Agreement. Costs related to the Genentech Agreement are included in research and development expenses.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Reserved Shares of Common Stock

As of September 30, 2024, we had reserved shares of common stock for the following:


Shares issuable upon the exercise of outstanding stock options granted			12,411,036
Shares issuable upon the vesting of outstanding restricted stock units granted and the maximum outstanding market-based restricted stock units eligible to be earned			14,303,643
Shares available for future grant under the 2019 Equity Incentive Plan			17,817,054
Shares available for future grant under the Employee Stock Purchase Plan			5,686,170
Total shares of common stock reserved for future issuance			50,217,903

Revenue Interest Purchase Agreement - Schedule of Revenue Interest Liability, Net Activity (Details) - OrbiMed - Purchase Agreement - USD ($) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue interest liability, net	$ 132,082	$ 131,545	$ 130,660	$ 130,660
Interest expense	2,939	2,696	2,993
Revenue interest payable	(2,321)	(2,159)	(2,108)	(2,300)	$ (2,300)
Revenue interest liability, net	$ 132,700	$ 132,082	$ 131,545	$ 132,700	$ 130,660

Net Loss Per Share Attributable to Adaptive Biotechnologies Corporation Common Shareholders - Computation of the Basic and Diluted Net Loss Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to Adaptive Biotechnologies Corporation	$ (32,071)	$ (50,300)	$ (125,800)	$ (155,809)
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic	147,516,398	144,704,868	146,908,234	144,208,940
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic	$ (0.22)	$ (0.35)	$ (0.86)	$ (1.08)
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, diluted	147,516,398	144,704,868	146,908,234	144,208,940
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, diluted	$ (0.22)	$ (0.35)	$ (0.86)	$ (1.08)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Net Loss Per Share Attributable to Adaptive Biotechnologies Corporation Common Shareholders

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Adaptive Biotechnologies Corporation Common Shareholders

13. Net Loss Per Share Attributable to Adaptive Biotechnologies Corporation Common Shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to our common shareholders for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss attributable to Adaptive Biotechnologies Corporation	$	(32,071	)	$	(50,300	)	$	(125,800	)	$	(155,809	)
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted		147,516,398			144,704,868			146,908,234			144,208,940
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted	$	(0.22	)	$	(0.35	)	$	(0.86	)	$	(1.08	)

Given the loss position for all periods presented, basic net loss per share attributable to our common shareholders is the same as diluted net loss per share attributable to our common shareholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.

The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share attributable to our common shareholders for the three and nine months ended September 30, 2024 and 2023, respectively, as they had an anti-dilutive effect:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options outstanding		12,520,579		13,806,283		12,885,829		14,054,478
Nonvested restricted stock units outstanding		10,578,591		10,301,308		10,697,694		9,575,868
Maximum nonvested market-based restricted stock units outstanding eligible to be earned		3,831,114		1,912,674		3,385,117		1,580,146
Total		26,930,284		26,020,265		26,968,640		25,210,492

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost of short-term marketable securities	$ 204,757	$ 281,122
Amortized cost of long-term marketable securities	$ 23,857
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock authorized	10,000,000	10,000,000
Preferred stock issued	0	0
Preferred stock outstanding	0	0
Common stock par value	$ 0.0001	$ 0.0001
Common stock authorized	340,000,000	340,000,000
Common stock issued	147,561,586	145,082,271
Common stock outstanding	147,561,586	145,082,271

Equity Incentive Plans - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Apr. 30, 2024

Mar. 31, 2023

Mar. 31, 2022

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Weighted-average remaining contractual life stock options outstanding

5 years 8 months 12 days

Weighted-average remaining contractual life vested and exercisable options outstanding

5 years

Termination description

The market-based restricted stock units granted to our former chief financial officer, which had a grant date fair value of $6.49, were forfeited in April 2024 upon his separation from the company

Weighted-average grant date fair value

$ 2.7

$ 5.61

Recognized share-based compensation expense

^[1]

$ 13,522

$ 15,336

$ 40,778

$ 47,352

Option Valuation Model

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected dividend yield

0.00%

Monte Carlo Valuation Model

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Recognized share-based compensation expense

$ 7,200

$ 9,800

Market-Based Restricted Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Restricted stock units outstanding

1,915,557

Weighted-average grant date fair value per share

$ 10.8

Market-Based Restricted Stock Units | Monte Carlo Valuation Model

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Weighted-average grant date fair value

$ 6.49

$ 13.82

Market-Based Restricted Stock Units | Chief Executive Officer

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance period term

3 years

Weighted-average grant date fair value

$ 15.13

Grant date fair value forfeited

$ 6.49

Market-Based Restricted Stock Units | Former Chief Financial Officer

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock that may be earned under the award

295,580

Market-Based Restricted Stock Units | President/Chief Operating Officer

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock that may be earned under the award

350,000

Market-Based Restricted Stock Units | Chief Scientific Officer

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock that may be earned under the award

709,220

Market-Based Restricted Stock Units | Current Chief Financial Officer

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock that may be earned under the award

150,000

Market-Based Restricted Stock Units | Minimum | Chief Executive Officer

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock that may be earned under the award

Market-Based Restricted Stock Units | Maximum | Chief Executive Officer

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock that may be earned under the award

1,912,674

709,220

2009 Equity Incentive Plan | Employee Stock Option

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares available for future issuance

2009 Equity Incentive Plan | Employee Stock Option | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Option expiration period

10 years

2019 Equity Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares available for future issuance

17,817,054

15,299,763

2019 Equity Incentive Plan | Employee Stock Option

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of shares authorized for issuance

39,820,950

2019 Equity Incentive Plan | Employee Stock Option | Non Employee Directors

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Vesting period

4 years

2019 Equity Incentive Plan | Employee Stock Option | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Option expiration period

10 years

2019 Equity Incentive Plan | Restricted Stock Units (RSUs)

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Weighted-average grant date fair value

$ 4

$ 8.36

Grant date fair value forfeited

$ 8.02

Restricted stock units outstanding

10,472,529

9,669,460

Weighted-average grant date fair value per share

$ 7.36

$ 10.32

[1]	Represents share-based compensation expense related to stock option, restricted stock unit and market-based restricted stock unit awards. See Note 11, Equity Incentive Plans for details on our share-based compensation expense.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Revenues [Abstract]

Revenue

$ 46,435

$ 37,919

$ 131,498

$ 124,492

Operating expenses

Cost of revenue

16,667

19,346

54,035

55,937

Research and development

24,163

28,533

79,761

93,371

Sales and marketing

20,551

20,493

63,184

66,673

General and administrative

17,258

20,075

54,750

63,208

Amortization of intangible assets

428

1,275

1,270

Impairment of long-lived assets

^[1]

7,205

Total operating expenses

79,067

88,875

260,210

280,459

Loss from operations

(32,632)

(50,956)

(128,712)

(155,967)

Interest and other income, net

3,474

4,282

11,462

10,918

Interest expense

^[2]

(2,939)

(3,652)

(8,628)

(10,788)

Net loss

(32,097)

(50,326)

(125,878)

(155,837)

Add: Net loss attributable to noncontrolling interest

Net loss attributable to Adaptive Biotechnologies Corporation

$ (32,071)

$ (50,300)

$ (125,800)

$ (155,809)

Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic

$ (0.22)

$ (0.35)

$ (0.86)

$ (1.08)

Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic

147,516,398

144,704,868

146,908,234

144,208,940

Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, diluted

$ (0.22)

$ (0.35)

$ (0.86)

$ (1.08)

Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, diluted

147,516,398

144,704,868

146,908,234

144,208,940

[1]	Represents expenses recognized in conjunction with restructuring activities. See Note 12, Restructurings for details on our restructuring expenses.
[2]	Represents costs associated with our revenue interest liability and noncash interest costs associated with the amortization of the related deferred issuance costs. See Note 8, Revenue Interest Purchase Agreement for details on the Purchase Agreement.

Revenue Interest Purchase Agreement - Additional Information (Details) - Purchase Agreement - OrbiMed - USD ($)		3 Months Ended			9 Months Ended	12 Months Ended
	Sep. 12, 2022	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received	$ 125,000,000
Potential revenue interest second payment to be received	$ 75,000,000
Purchase agreement, second payment date	Sep. 12, 2025
Potential revenue interest third payment to be received	$ 50,000,000
Purchase agreement, third payment date	Sep. 12, 2025
Revenue interest payment term	45 days
Amortization of purchase agreement obligation					$ 0
Effective interest rate		8.80%			8.80%
Debt issuance costs		$ 600,000			$ 600,000
Revenue interest payable		$ 2,321,000	$ 2,159,000	$ 2,108,000	$ 2,300,000	$ 2,300,000
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential revenue interest payment to be received	$ 125,000,000

Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Changes in Shares Available for Grant

Changes in shares available for grant during the nine months ended September 30, 2024 were as follows:


	Shares Available for Grant
Shares available for grant at December 31, 2023		15,299,763
2019 Equity Incentive Plan reserve increase effective January 1, 2024		7,254,113
Stock options and restricted stock units granted and the maximum market-based restricted stock units granted eligible to be earned		(8,679,358	)
Stock options, restricted stock units and the maximum market-based restricted stock units forfeited or expired		3,942,536
Shares available for grant at September 30, 2024		17,817,054

Summary of Stock Option Activity Under 2009 Plan and 2019 Plan

Stock option activity under the 2009 Plan and 2019 Plan during the nine months ended September 30, 2024 was as follows:


	Shares Subject to Outstanding Stock Options			Weighted-Average Exercise Price per Share		Aggregate Intrinsic Value (in thousands)
Stock options outstanding at December 31, 2023		12,875,045		$	15.90
Stock options granted		1,008,364			3.99
Stock options forfeited		(710,677	)		11.69
Stock options expired		(695,796	)		19.19
Stock options exercised		(65,900	)		1.72
Stock options outstanding at September 30, 2024		12,411,036		$	15.06	$	1,374
Stock options vested and exercisable at September 30, 2024		9,774,517		$	16.21	$	371

Summary of Restricted Stock Unit Activity

Restricted stock unit activity under the 2019 Plan during the nine months ended September 30, 2024 was as follows:


	Restricted Stock Units Outstanding			Weighted-Average Grant Date Fair Value per Share
Nonvested restricted stock units outstanding at December 31, 2023		9,669,460		$	10.32
Restricted stock units granted		5,456,974			4.00
Restricted stock units forfeited		(2,240,483	)		8.02
Restricted stock units vested		(2,413,422	)		11.00
Nonvested restricted stock units outstanding at September 30, 2024		10,472,529		$	7.36

Summary of Estimated Grant Date Fair Values of Stock Options Granted

The estimated grant date fair values of stock options granted during the nine months ended September 30, 2024 and 2023 were estimated using the Black-Scholes option-pricing model with the following assumptions:


	Nine Months Ended September 30,
	2024	2023
Fair value of common stock	$3.99	$8.46
Expected term (in years)	5.27 - 6.08	5.27 - 6.08
Risk-free interest rate	4.2%	4.2% - 4.3%
Expected volatility	74.5% - 75.0%	71.2% - 71.6%
Expected dividend yield	—	—

Summary of Compensation Costs Related to Stock Options and RSUs Included on Unaudited Condensed Consolidated Statements of Operations

The compensation cost related to stock options, restricted stock units and market-based restricted stock units for the three and nine months ended September 30, 2024 and 2023, respectively, are included on the unaudited condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	952	$	917	$	2,869	$	3,272
Research and development		4,217		5,187		13,071		15,267
Sales and marketing		3,131		3,241		9,321		11,111
General and administrative		5,222		5,991		15,517		17,702
Total share-based compensation expense	$	13,522	$	15,336	$	40,778	$	47,352

Schedule of Unrecognized Share-Based Compensation Expense and the Remaining Weighted-Average Recognition Period

As of September 30, 2024, unrecognized share-based compensation expense and the remaining weighted-average recognition period were as follows:


	Unrecognized Share-Based Compensation Expense (in thousands)		Remaining Weighted-Average Recognition Period (in years)
Nonvested stock options	$	16,935		1.60
Nonvested restricted stock units		59,201		2.39
Nonvested market-based restricted stock units		10,350		1.85

Revenue - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended			9 Months Ended
Revenue - Additional Information (Details) - USD ($)	May 31, 2023	Feb. 28, 2019	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenue from collaboration agreement			$ 46,435,000	$ 37,919,000		$ 131,498,000	$ 124,492,000
Deferred revenue			84,637,000			84,637,000		$ 93,423,000
Immune Medicine Service Revenue
Disaggregation Of Revenue [Line Items]
Revenue from collaboration agreement			3,500,000	8,000,000		10,000,000	34,700,000
Medicare Reimbursements
Disaggregation Of Revenue [Line Items]
Revenue from collaboration agreement			1,500,000	$ 1,900,000		4,300,000	4,600,000
Medicare Reimbursements \| Immune Medicine Service Revenue
Disaggregation Of Revenue [Line Items]
Revenue from collaboration agreement			1,000,000			1,100,000	400,000
Medicare Reimbursements \| MRD Service Revenue
Disaggregation Of Revenue [Line Items]
Revenue from collaboration agreement							$ 4,200,000
MRD Development Agreements \| Maximum
Disaggregation Of Revenue [Line Items]
Additional milestone payment receivable			418,500,000			418,500,000
Genentech Collaboration Agreement
Disaggregation Of Revenue [Line Items]
Revenue from collaboration agreement					$ 7,700,000
Non-refundable upfront payments received		$ 300,000,000.0				300,000,000.0
Expected revenue through milestone payments			1,800,000,000			$ 1,800,000,000
Additional transaction price of regulatory milestone	$ 10,000,000
Genentech Collaboration Agreement \| Regulatory Milestones
Disaggregation Of Revenue [Line Items]
Additional transaction price of regulatory milestone	$ 10,000,000.0
Genentech Collaboration Agreement \| Maximum
Disaggregation Of Revenue [Line Items]
Revenue recognition expected period						9 years
Genentech Collaboration Agreement \| Maximum \| Regulatory Milestones
Disaggregation Of Revenue [Line Items]
Expected revenue through milestone payments			65,000,000.0			$ 65,000,000.0
Genentech Collaboration Agreement \| Maximum \| Development Milestones
Disaggregation Of Revenue [Line Items]
Expected revenue through milestone payments			300,000,000.0			300,000,000.0
Genentech Collaboration Agreement \| Maximum \| Commercial Milestones
Disaggregation Of Revenue [Line Items]
Expected revenue through milestone payments			$ 1,430,000,000			$ 1,430,000,000

Shareholders' Equity - Summary of Reserved Shares of Common Stock (Details)	Sep. 30, 2024 shares
Class Of Stock [Line Items]
Total shares of common stock reserved for future issuance	50,217,903
Shares Issuable Upon the Exercise of Outstanding Stock Options Granted
Class Of Stock [Line Items]
Total shares of common stock reserved for future issuance	12,411,036
Shares Issuable Upon the Vesting of Outstanding Restricted Stock Units and the Maximum Outstanding Market-based Restricted Stock Units Granted
Class Of Stock [Line Items]
Total shares of common stock reserved for future issuance	14,303,643
Common Stock Options Granted \| 2019 Equity Incentive Plan
Class Of Stock [Line Items]
Total shares of common stock reserved for future issuance	17,817,054
Common Stock Options Granted \| Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total shares of common stock reserved for future issuance	5,686,170

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 13
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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	ADPT
Entity Registrant Name	ADAPTIVE BIOTECHNOLOGIES CORPORATION
Entity Central Index Key	0001478320
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		147,579,486
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-38957
Entity Tax Identification Number	27-0907024
Entity Address, Address Line One	1165 Eastlake Avenue East
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98109
City Area Code	(206)
Local Phone Number	659-0067
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	WA

Equity Incentive Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

11. Equity Incentive Plans

2009 Equity Incentive Plan

We adopted an equity incentive plan in 2009 (the “2009 Plan”) that provided for the issuance of incentive and nonqualified common stock options and other share-based awards for employees, directors and consultants. Under the 2009 Plan, the exercise price for incentive and nonqualified stock options were not to be less than the fair market value of our common stock at the date of grant. Stock options granted under this plan expire no later than ten years from the grant date and vesting was established at the time of grant. Pursuant to the terms of the 2019 Plan, any shares subject to outstanding stock options originally granted under the 2009 Plan that terminate, expire or lapse for any reason without the delivery of shares to the holder thereof shall become available for issuance pursuant to awards granted under the 2019 Plan. While no shares are available for future grant under the 2009 Plan, it continues to govern outstanding equity awards granted thereunder.

2019 Equity Incentive Plan

The 2019 Plan became effective immediately prior to the closing of our initial public offering in July 2019. The 2019 Plan provides for the issuance of awards in the form of stock options and other share-based awards for employees, directors and consultants. Under the 2019 Plan, the stock option exercise price per share shall not be less than the fair market value of a share of stock on the effective date of grant, as defined by the 2019 Plan, unless explicitly qualified under the provisions of Section 409A or Section 424(a) of the Internal Revenue Code of 1986. Additionally, unless otherwise specified, stock options granted under this plan expire no later than ten years from the grant date and vesting is established at the time of grant. Except for certain awards granted to non-employee directors, stock options and restricted stock units granted under the 2019 Plan generally vest over a four-year period, subject to continuous service through each applicable vesting date. As of September 30, 2024, we had 39,820,950 shares of common stock authorized for issuance under the 2019 Plan.

Changes in shares available for grant during the nine months ended September 30, 2024 were as follows:


	Shares Available for Grant
Shares available for grant at December 31, 2023		15,299,763
2019 Equity Incentive Plan reserve increase effective January 1, 2024		7,254,113
Stock options and restricted stock units granted and the maximum market-based restricted stock units granted eligible to be earned		(8,679,358	)
Stock options, restricted stock units and the maximum market-based restricted stock units forfeited or expired		3,942,536
Shares available for grant at September 30, 2024		17,817,054

Stock Options

Stock option activity under the 2009 Plan and 2019 Plan during the nine months ended September 30, 2024 was as follows:


	Shares Subject to Outstanding Stock Options			Weighted-Average Exercise Price per Share		Aggregate Intrinsic Value (in thousands)
Stock options outstanding at December 31, 2023		12,875,045		$	15.90
Stock options granted		1,008,364			3.99
Stock options forfeited		(710,677	)		11.69
Stock options expired		(695,796	)		19.19
Stock options exercised		(65,900	)		1.72
Stock options outstanding at September 30, 2024		12,411,036		$	15.06	$	1,374
Stock options vested and exercisable at September 30, 2024		9,774,517		$	16.21	$	371

The weighted-average remaining contractual life for stock options outstanding as of September 30, 2024 was 5.7 years. The weighted-average remaining contractual life for vested and exercisable stock options as of September 30, 2024 was 5.0 years.

Restricted Stock Units

Restricted stock unit activity under the 2019 Plan during the nine months ended September 30, 2024 was as follows:


	Restricted Stock Units Outstanding			Weighted-Average Grant Date Fair Value per Share
Nonvested restricted stock units outstanding at December 31, 2023		9,669,460		$	10.32
Restricted stock units granted		5,456,974			4.00
Restricted stock units forfeited		(2,240,483	)		8.02
Restricted stock units vested		(2,413,422	)		11.00
Nonvested restricted stock units outstanding at September 30, 2024		10,472,529		$	7.36

Market-Based Restricted Stock Units

In addition to the restricted stock units described above, our board of directors granted awards of market-based restricted stock units to our chief executive officer, former chief financial officer, president/chief operating officer and chief scientific officer in March 2024, and granted an award of market-based restricted stock units to our current chief financial officer in May 2024. The shares of common stock that may be earned under the awards granted to our chief executive officer, former chief financial officer (prior to his separation from the company), president/chief operating officer, chief scientific officer and current chief financial officer, which range from zero shares to 709,220 shares, 295,580 shares, 350,000 shares, 709,220 shares and 150,000 shares, respectively, are calculated based on our total shareholder return during a three-year performance period as measured against that of the group of companies comprising the S&P Biotechnology Select Industry Index as of the grant date or other applicable date, subject to certain adjustments to such index group. Except as expressly provided in the terms of each award's agreement, vesting is subject to the respective grantee's continuous service through the end of the three-year performance period. The market-based restricted stock units granted to our former chief financial officer, which had a grant date fair value of $6.49, were forfeited in April 2024 upon his separation from the company. The remaining market-based restricted stock units, along with those granted in March 2022 and March 2023, which had a weighted-average grant date fair value per share of $15.13 and under which zero shares to 1,912,674 shares may be earned, were outstanding as of September 30, 2024.

Grant Date Fair Value of Stock Options, Restricted Stock Units and Market-Based Restricted Stock Units Granted


	Nine Months Ended September 30,
	2024	2023
Fair value of common stock	$3.99	$8.46
Expected term (in years)	5.27 - 6.08	5.27 - 6.08
Risk-free interest rate	4.2%	4.2% - 4.3%
Expected volatility	74.5% - 75.0%	71.2% - 71.6%
Expected dividend yield	—	—

The determination of the grant date fair value of stock options granted using a Black-Scholes option-pricing model is affected by the fair value of our common stock, as well as assumptions regarding a number of variables that are subjective and generally require judgment to determine. The valuation assumptions were determined as follows:

Fair value of common stock—The fair value of each share of common stock is based on the closing price of our common stock on the date of grant, or other relevant determination date, as reported on The Nasdaq Global Select Market.

Expected term—The expected term of stock options granted to employees and non-employee directors is determined using the “simplified” method, as illustrated in ASC Topic 718, Compensation—Stock Compensation, as we do not have sufficient exercise history to determine a better estimate of expected term. Under this approach, the expected term is based on the midpoint between the vesting date and the end of the contractual term of the stock option.

Risk-free interest rate—We utilize a risk-free interest rate in the option valuation model based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected terms of the stock options.

Expected volatility—Until 2024, as we did not have sufficient trading history for our common stock, expected volatility was based on the historical volatility of our publicly traded industry peers utilizing a period of time consistent with our estimate of expected term. Beginning in 2024, expected volatility was based on a weighted average of our historical volatility and the historical volatility of our publicly traded industry peers utilizing a period of time consistent with our estimate of expected term.

Expected dividend yield—We do not anticipate paying any cash dividends in the foreseeable future and, therefore, use an expected dividend yield of zero in the option valuation model.

The weighted-average grant date fair value per share of stock options granted during the nine months ended September 30, 2024 and 2023 was $2.70 and $5.61, respectively.

The grant date fair value of restricted stock units granted is based on the closing price of our common stock on the date of grant, or other relevant determination date, as reported on The Nasdaq Global Select Market. The weighted-average grant date fair value per share of restricted stock units granted during the nine months ended September 30, 2024 and 2023 was $4.00 and $8.36, respectively.

The weighted-average grant date fair value per share of the market-based restricted stock units granted during the nine months ended September 30, 2024 and 2023 was $6.49 and $13.82, respectively, and was determined using a Monte Carlo valuation model, which uses assumptions such as volatility, risk-free interest rate and dividend estimated for the respective performance periods. The weighted-average grant date fair value per share of the target payout level of the market-based restricted stock units outstanding as of September 30, 2024, 1,915,557 shares, was $10.80. The aggregate share-based compensation expense of the market-based restricted stock units granted during the nine months ended September 30, 2024 and 2023 was $7.2 million and $9.8 million, respectively, and is recognized on a straight-line basis over the respective grants' performance periods, which are also the requisite service periods. Attainment of each grant's respective market condition and the number of shares earned and vested does not impact the related share-based compensation expense recognized. Share-based compensation expense will be reversed only if the respective grantee does not provide continuous service through the respective performance period for reasons other than those expressly provided in the terms of the respective award.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	952	$	917	$	2,869	$	3,272
Research and development		4,217		5,187		13,071		15,267
Sales and marketing		3,131		3,241		9,321		11,111
General and administrative		5,222		5,991		15,517		17,702
Total share-based compensation expense	$	13,522	$	15,336	$	40,778	$	47,352

As of September 30, 2024, unrecognized share-based compensation expense and the remaining weighted-average recognition period were as follows:


	Unrecognized Share-Based Compensation Expense (in thousands)		Remaining Weighted-Average Recognition Period (in years)
Nonvested stock options	$	16,935		1.60
Nonvested restricted stock units		59,201		2.39
Nonvested market-based restricted stock units		10,350		1.85

Leases

9 Months Ended

Sep. 30, 2024

Lessee Disclosure [Abstract]

Leases

7. Leases

We have operating lease agreements for laboratory, office and warehouse facilities in Seattle, Washington, South San Francisco, California and Bothell, Washington. During the three months ended June 30, 2024, we vacated certain leased space in South San Francisco, California and incurred a related impairment charge. See Note 12, Restructurings for more information. As of September 30, 2024, we were not party to any finance leases.

The following table reconciles our undiscounted operating lease cash flows to our operating lease liabilities, less current portion balance as of September 30, 2024 (in thousands):


2024 (excluding the nine months ended September 30, 2024)	$	3,473
2025		14,098
2026		12,330
2027		11,944
2028		12,282
Thereafter		56,962
Total undiscounted lease payments		111,089
Less: Imputed interest rate		(19,264	)
Total operating lease liabilities		91,825
Less: Current portion		(10,021	)
Operating lease liabilities, less current portion	$	81,804

During the nine months ended September 30, 2024 and 2023, cash paid for amounts included in the measurement of lease liabilities was $9.7 million and $10.3 million, respectively.

We have $2.1 million in letters of credit with one of our financial institutions in connection with certain of our leases.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

14. Segment Information

In 2024, in connection with an organizational realignment, we began operating our business as two reporting segments: MRD and Immune Medicine. These segments are organized by market opportunity in commercial diagnostics and drug discovery, respectively.

The MRD business focuses on the use of our highly sensitive, next-generation sequencing assay to measure MRD in patients with hematologic malignancies. It is comprised of our clonoSEQ clinical diagnostic test, offered to clinicians, and our clonoSEQ assay, offered to biopharmaceutical partners, to advance drug development efforts. Our MRD revenue consists of revenue generated from (1) providing our clonoSEQ report to clinical customers; (2) providing MRD sample testing services to biopharmaceutical customers and certain academic institutions, including investigator-led clinical trials; and (3) providing our clonoSEQ report or results to certain international laboratory sites through technology transfers.

The Immune Medicine business leverages our proprietary ability to sequence, map, pair and characterize TCRs and B cell receptors (“BCRs”) at scale. We have created a powerful data engine to drive the development of novel therapies. Our Immune Medicine revenue consists of revenue generated from (1) providing sample testing services for our commercial research product, Adaptive Immunosequencing, to biopharmaceutical customers and academic institutions; and (2) our collaboration agreements with Genentech and other biopharmaceutical customers in areas of drug and target discovery.

There are no inter-segment revenues. See Note 3, Revenue for more information about each segment's revenue. Our CODM evaluates performance of the MRD segment based on both revenue and Adjusted EBITDA and evaluates performance of the Immune Medicine segment based on Adjusted EBITDA. Adjusted EBITDA for each of our segments includes costs that are directly aligned to each segment, as well as certain allocated shared expenses. These shared expenses primarily relate to our general and administrative functions, our non-laboratory facility space in our corporate headquarters and our production laboratory. We use the relative direct headcount assigned to each of the respective segments and our production laboratory sample volume to allocate these expenses. We do not allocate certain expenses, such as our corporate insurance costs, external legal and audit costs and expenses related to our investor relations, chief executive officer and other related support functions. Additionally, we do not allocate costs related to our idle facility in Seattle, Washington, interest expense related to our Purchase Agreement nor interest and other income, net. Given these unallocated costs and income are not included in the measurements reviewed by the CODM to assess each segment's performance, they are included in "Unallocated Corporate" below. Our allocation methodology will be periodically evaluated and may change. Our CODM is not regularly provided nor reviews assets when assessing each segment's performance and to allocate resources. As such, assets for reportable segments are not disclosed.

The following tables set forth our segment information for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):


	Three Months Ended September 30, 2024
	MRD			Immune Medicine			Unallocated Corporate			Total
Revenue	$	37,470		$	8,965		$	—		$	46,435
Operating expenses		52,538			20,689			5,840			79,067
Adjusted EBITDA(1)		(6,120	)		(5,212	)		(2,968	)		(14,300	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(15,068	)	$	(11,724	)	$	(5,305	)	$	(32,097	)
Net loss attributable to noncontrolling interest		—			—			26			26
Net loss attributable to Adaptive Biotechnologies Corporation		(15,068	)		(11,724	)		(5,279	)		(32,071	)
Interest and other income, net		—			—			(3,474	)		(3,474	)
Interest expense(2)		—			—			2,939			2,939
Depreciation and amortization expense		2,428			1,728			435			4,591
Restructuring expense(3)		167			26			—			193
Share-based compensation expense(4)		6,353			4,758			2,411			13,522
Adjusted EBITDA(1)	$	(6,120	)	$	(5,212	)	$	(2,968	)	$	(14,300	)


	Three Months Ended September 30, 2023
	MRD			Immune Medicine			Unallocated Corporate			Total
Revenue	$	24,668		$	13,251		$	—		$	37,919
Operating expenses		55,977			26,400			6,498			88,875
Adjusted EBITDA(1)		(21,616	)		(4,986	)		(3,229	)		(29,831	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(31,309	)	$	(13,148	)	$	(5,869	)	$	(50,326	)
Net loss attributable to noncontrolling interest		—			—			26			26
Net loss attributable to Adaptive Biotechnologies Corporation		(31,309	)		(13,148	)		(5,843	)		(50,300	)
Interest and other income, net		—			—			(4,282	)		(4,282	)
Interest expense(2)		—			—			3,652			3,652
Depreciation and amortization expense		2,489			2,546			728			5,763
Share-based compensation expense(4)		7,204			5,616			2,516			15,336
Adjusted EBITDA(1)	$	(21,616	)	$	(4,986	)	$	(3,229	)	$	(29,831	)


	Nine Months Ended September 30, 2024
	MRD			Immune Medicine			Unallocated Corporate			Total
Revenue	$	105,380		$	26,118		$	—		$	131,498
Operating expenses		170,785			70,663			18,762			260,210
Adjusted EBITDA(1)		(34,668	)		(19,172	)		(10,086	)		(63,926	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(65,405	)	$	(44,545	)	$	(15,928	)	$	(125,878	)
Net loss attributable to noncontrolling interest		—			—			78			78
Net loss attributable to Adaptive Biotechnologies Corporation		(65,405	)		(44,545	)		(15,850	)		(125,800	)
Interest and other income, net		—			—			(11,462	)		(11,462	)
Interest expense(2)		—			—			8,628			8,628
Depreciation and amortization expense		7,733			5,777			1,298			14,808
Impairment of long-lived assets(3)		2,819			4,386			—			7,205
Restructuring expense(3)		1,195			722			—			1,917
Share-based compensation expense(4)		18,990			14,488			7,300			40,778
Adjusted EBITDA(1)	$	(34,668	)	$	(19,172	)	$	(10,086	)	$	(63,926	)


	Nine Months Ended September 30, 2023
	MRD			Immune Medicine			Unallocated Corporate			Total
Revenue	$	71,977		$	52,515		$	—		$	124,492
Operating expenses		170,946			88,753			20,760			280,459
Adjusted EBITDA(1)		(71,081	)		(11,149	)		(9,518	)		(91,748	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(98,969	)	$	(36,236	)	$	(20,632	)	$	(155,837	)
Net loss attributable to noncontrolling interest		—			—			28			28
Net loss attributable to Adaptive Biotechnologies Corporation		(98,969	)		(36,236	)		(20,604	)		(155,809	)
Interest and other income, net		—			—			(10,918	)		(10,918	)
Interest expense(2)		—			—			10,788			10,788
Depreciation and amortization expense		6,812			7,907			2,120			16,839
Share-based compensation expense(4)		21,076			17,180			9,096			47,352
Adjusted EBITDA(1)	$	(71,081	)	$	(11,149	)	$	(9,518	)	$	(91,748	)

(3) Represents expenses recognized in conjunction with restructuring activities. See Note 12, Restructurings for details on our restructuring expenses.

Segment information for the three and nine months ended September 30, 2023 is presented on a comparable basis to that of the current periods and is based on judgments and allocation methods from our organizational changes implemented during the three months ended March 31, 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Equity Incentive Plans - Summary of Compensation Costs Related to Stock Options and RSUs Included on Unaudited Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total share-based compensation expense

^[1]

$ 13,522

$ 15,336

$ 40,778

$ 47,352

Cost of Revenue

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total share-based compensation expense

952

917

2,869

3,272

Research and Development

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total share-based compensation expense

4,217

5,187

13,071

15,267

Sales and Marketing

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total share-based compensation expense

3,131

3,241

9,321

11,111

General and Administrative

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total share-based compensation expense

$ 5,222

$ 5,991

$ 15,517

$ 17,702

[1]	Represents share-based compensation expense related to stock option, restricted stock unit and market-based restricted stock unit awards. See Note 11, Equity Incentive Plans for details on our share-based compensation expense.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (125,878)	$ (155,837)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	13,533	15,569
Noncash lease expense	3,985	5,491
Share-based compensation expense	40,778	47,352
Intangible assets amortization	1,275	1,270
Investment amortization	(6,750)	(6,225)
Impairment of long-lived assets	7,205
Inventory reserve	1,446	931
Noncash interest expense	2,039	4,563
Other	153	165
Changes in operating assets and liabilities
Accounts receivable, net	(2,845)	8,798
Inventory	1,990	(6,815)
Prepaid expenses and other current assets	(877)	(3,964)
Accounts payable and accrued liabilities	(3,593)	(10,746)
Operating lease right-of-use assets and liabilities	(6,418)	(6,688)
Deferred revenue	(8,786)	(23,180)
Other	22	(76)
Net cash used in operating activities	(82,721)	(129,392)
Investing activities
Purchases of property and equipment	(3,584)	(9,399)
Purchases of marketable securities	(199,458)	(307,563)
Proceeds from maturities of marketable securities	258,715	443,402
Net cash provided by investing activities	55,673	126,440
Financing activities
Proceeds from exercise of stock options	114	2,158
Net cash provided by financing activities	114	2,158
Net decrease in cash, cash equivalents and restricted cash	(26,934)	(794)
Cash, cash equivalents and restricted cash at beginning of year	67,996	92,428
Cash, cash equivalents and restricted cash at end of period	41,062	91,634
Noncash investing activities
Purchases of equipment included in accounts payable and accrued liabilities	29	1,308
Supplemental disclosure of cash flow information
Cash paid for interest	$ 6,542	$ 7,089

Shareholders' Equity - Additional Information (Details)			9 Months Ended
Shareholders' Equity - Additional Information (Details)	Jan. 01, 2024 shares	Jan. 01, 2020	Sep. 30, 2024 Vote
Class Of Stock [Line Items]
Common stock voting rights description			Holders of our common stock are entitled to one vote for each share of common stock held
Number of vote for each share \| Vote			1
Employee Stock Purchase Plan
Class Of Stock [Line Items]
Increase in share reserve	1,450,822
Employee Stock Purchase Plan \| Maximum
Class Of Stock [Line Items]
Percentage of annual increases in number of shares		1.00%
2019 Equity Incentive Plan
Class Of Stock [Line Items]
Increase in share reserve	7,254,113
2019 Equity Incentive Plan \| Maximum
Class Of Stock [Line Items]
Percentage of annual increases in number of shares		5.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity Incentive Plans - Schedule of Unrecognized Share-Based Compensation Expense and the Remaining Weighted-Average Recognition Period (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Nonvested Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Share-Based Compensation Expense	$ 16,935
Remaining Weighted-Average Recognition Period (in years)	1 year 7 months 6 days
Nonvested Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Share-Based Compensation Expense	$ 59,201
Remaining Weighted-Average Recognition Period (in years)	2 years 4 months 20 days
Nonvested Market-Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Share-Based Compensation Expense	$ 10,350
Remaining Weighted-Average Recognition Period (in years)	1 year 10 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Summary of Reconciles Undiscounted Operating Lease Cash Flows (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessee Disclosure [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 3,473
2025	14,098
2026	12,330
2027	11,944
2028	12,282
Thereafter	56,962
Total undiscounted lease payments	111,089
Less: Imputed interest rate	(19,264)
Total operating lease liabilities	91,825
Less: Current portion	(10,021)	$ (9,384)
Operating lease liabilities, less current portion	$ 81,804	$ 89,388

Revenue - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue	$ 46,435	$ 37,919	$ 131,498	$ 124,492
MRD Revenue
Disaggregation Of Revenue [Line Items]
Revenue	37,470	24,668	105,380	71,977
MRD Revenue \| Service Revenue
Disaggregation Of Revenue [Line Items]
Revenue	32,470	24,668	92,880	71,977
MRD Revenue \| Regulatory Milestone Revenue
Disaggregation Of Revenue [Line Items]
Revenue	5,000		12,500
Immune Medicine Revenue
Disaggregation Of Revenue [Line Items]
Revenue	8,965	13,251	26,118	52,515
Immune Medicine Revenue \| Service Revenue
Disaggregation Of Revenue [Line Items]
Revenue	5,453	5,238	16,160	17,848
Immune Medicine Revenue \| Collaboration Revenue
Disaggregation Of Revenue [Line Items]
Revenue	$ 3,512	$ 8,013	$ 9,958	$ 34,667

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Attributable to Adaptive Biotechnologies Corporation Common Shareholders (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of the Basic and Diluted Net Loss Per Share Attributable to Common Shareholders


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss attributable to Adaptive Biotechnologies Corporation	$	(32,071	)	$	(50,300	)	$	(125,800	)	$	(155,809	)
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted		147,516,398			144,704,868			146,908,234			144,208,940
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted	$	(0.22	)	$	(0.35	)	$	(0.86	)	$	(1.08	)

Weighted-Average Common Stock Equivalents were Excluded From Calculation of Diluted Net Loss Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options outstanding		12,520,579		13,806,283		12,885,829		14,054,478
Nonvested restricted stock units outstanding		10,578,591		10,301,308		10,697,694		9,575,868
Maximum nonvested market-based restricted stock units outstanding eligible to be earned		3,831,114		1,912,674		3,385,117		1,580,146
Total		26,930,284		26,020,265		26,968,640		25,210,492

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 38,084	$ 65,064
Short-term marketable securities (amortized cost of $204,757 and $281,122, respectively)	205,245	281,337
Accounts receivable, net	40,814	37,969
Inventory	11,955	14,448
Prepaid expenses and other current assets	12,247	11,370
Total current assets	308,345	410,188
Long-term assets
Property and equipment, net	51,314	68,227
Operating lease right-of-use assets	46,530	52,096
Long-term marketable securities (amortized cost of $23,857)	23,866
Restricted cash	2,978	2,932
Intangible assets, net	3,853	5,128
Goodwill	118,972	118,972
Other assets	2,648	3,591
Total assets	558,506	661,134
Current liabilities
Accounts payable	7,351	7,719
Accrued liabilities	6,062	8,597
Accrued compensation and benefits	12,337	13,685
Current portion of operating lease liabilities	10,021	9,384
Current portion of deferred revenue	51,856	48,630
Total current liabilities	87,627	88,015
Long-term liabilities
Operating lease liabilities, less current portion	81,804	89,388
Deferred revenue, less current portion	32,781	44,793
Revenue interest liability, net	132,700	130,660
Other long-term liabilities	20
Total liabilities	334,932	352,856
Commitments and contingencies (Note 9)
Shareholders’ equity
Preferred stock: $0.0001 par value, 10,000,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued and outstanding at September 30, 2024 and December 31, 2023
Common stock: $0.0001 par value, 340,000,000 shares authorized at September 30, 2024 and December 31, 2023; 147,561,586 and 145,082,271 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	14	14
Additional paid-in capital	1,493,394	1,452,502
Accumulated other comprehensive gain	497	215
Accumulated deficit	(1,270,132)	(1,144,332)
Total Adaptive Biotechnologies Corporation shareholders’ equity	223,773	308,399
Noncontrolling interest	(199)	(121)
Total shareholders’ equity	223,574	308,278
Total liabilities and shareholders’ equity	$ 558,506	$ 661,134

Investments - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Schedule of Available-for-Sale Securities [Line Items]
Accrued interest receivable	$ 1.3	$ 1.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Current deferred revenue	$ 51,856	$ 51,856	$ 48,630
Non-current deferred revenue	32,781	32,781	44,793
Revenue recognized	27,400	(45,283)
Development Revenue \| Genentech, Inc.
Disaggregation Of Revenue [Line Items]
Current deferred revenue	14,100	14,100	13,600
Non-current deferred revenue	$ 30,700	$ 30,700	$ 41,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Lessee Disclosure [Abstract]
Cash paid for amounts included in measurement of lease liabilities	$ 9.7	$ 10.3
Letter of credit	$ 2.1

Deferred Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Deferred Revenue

4. Deferred Revenue

Deferred revenue from the Genentech Agreement represents $14.1 million and $30.7 million of the current and non-current deferred revenue balances, respectively, as of September 30, 2024 and $13.6 million and $41.1 million of the current and non-current deferred revenue balances, respectively, as of December 31, 2023. We expect our current deferred revenue to be recognized as revenue within 12 months. We expect the majority of our non-current deferred revenue to be recognized as revenue over a period of approximately four years from September 30, 2024. This period of time represents an estimate of the research and development period to develop cellular therapies in oncology, which may be reduced or increased based on various research and development activities.

Changes in deferred revenue during the nine months ended September 30, 2024 were as follows (in thousands):


Deferred revenue balance at December 31, 2023	$	93,423
Additions to deferred revenue during the period		36,497
Revenue recognized during the period		(45,283	)
Deferred revenue balance at September 30, 2024	$	84,637

As of September 30, 2024, $27.4 million was recognized as revenue that was included in the deferred revenue balance at December 31, 2023.

Equity Incentive Plans - Summary of Changes in Shares Available for Grant (Details) - 2019 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant at December 31, 2023	15,299,763
2019 Equity Incentive Plan reserve increase effective January 1, 2024	7,254,113
Stock options and restricted stock units granted and the maximum market-based restricted stock units granted eligible to be earned	(8,679,358)
Stock options, restricted stock units and the maximum market-based restricted stock units forfeited or expired	3,942,536
Shares available for grant at September 30, 2024	17,817,054

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Restructurings - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) Segment	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of operating segments \| Segment		2
Estimated aggregate restructuring costs recognized	$ 0.7	$ 0.7	$ 1.0
Impairment charges		7.2
Restructuring costs		9.1
Laboratory Equipment
Restructuring Cost and Reserve [Line Items]
Impairment charges		1.1
Leasehold Improvements
Restructuring Cost and Reserve [Line Items]
Impairment charges		3.3
Software Enhancements
Restructuring Cost and Reserve [Line Items]
Impairment charges		$ 2.8
One-time Termination Benefit
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Changes in Deferred Revenue

Changes in deferred revenue during the nine months ended September 30, 2024 were as follows (in thousands):


Deferred revenue balance at December 31, 2023	$	93,423
Additions to deferred revenue during the period		36,497
Revenue recognized during the period		(45,283	)
Deferred revenue balance at September 30, 2024	$	84,637

Deferred Revenue - Additional Information (Details1)	Sep. 30, 2024	Dec. 31, 2022
Genentech, Inc. \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Disaggregation Of Revenue [Line Items]
Deferred revenue, expected to be recognized	12 months	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Deferred Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue balance at December 31, 2023		$ 93,423
Additions to deferred revenue during the period		36,497
Revenue recognized during the period	$ 27,400	(45,283)
Deferred revenue balance at June 30, 2024	$ 84,637	$ 84,637

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (32,071)	$ (50,300)	$ (125,800)	$ (155,809)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Segment Reporting Information [Line Items]

Revenue

$ 46,435

$ 37,919

$ 131,498

$ 124,492

Operating expenses

79,067

88,875

260,210

280,459

Adjusted EBITDA

^[1]

(14,300)

(29,831)

(63,926)

(91,748)

^[2]

Net loss

(32,097)

(50,326)

(125,878)

(155,837)

Net loss attributable to noncontrolling interest

Net loss attributable to Adaptive Biotechnologies Corporation

(32,071)

(50,300)

(125,800)

(155,809)

Interest and other income, net

(3,474)

(4,282)

(11,462)

(10,918)

Interest expense

^[3]

2,939

3,652

8,628

10,788

Depreciation and amortization expense

4,591

5,763

14,808

16,839

Impairment of long-lived assets

^[4]

7,205

Restructuring expense

^[4]

193

1,917

Share-based compensation expense

^[2]

13,522

15,336

40,778

47,352

Operating Segments | MRD

Segment Reporting Information [Line Items]

Revenue

37,470

24,668

105,380

71,977

Operating expenses

52,538

55,977

170,785

170,946

Adjusted EBITDA

^[1]

(6,120)

(21,616)

(34,668)

(71,081)

^[2]

Net loss

(15,068)

(31,309)

(65,405)

(98,969)

Net loss attributable to Adaptive Biotechnologies Corporation

(15,068)

(31,309)

(65,405)

(98,969)

Depreciation and amortization expense

2,428

2,489

7,733

6,812

Impairment of long-lived assets

^[4]

2,819

Restructuring expense

^[4]

167

1,195

Share-based compensation expense

^[2]

6,353

7,204

18,990

21,076

Operating Segments | IM

Segment Reporting Information [Line Items]

Revenue

8,965

13,251

26,118

52,515

Operating expenses

20,689

26,400

70,663

88,753

Adjusted EBITDA

^[1]

(5,212)

(4,986)

(19,172)

(11,149)

^[2]

Net loss

(11,724)

(13,148)

(44,545)

(36,236)

Net loss attributable to Adaptive Biotechnologies Corporation

(11,724)

(13,148)

(44,545)

(36,236)

Depreciation and amortization expense

1,728

2,546

5,777

7,907

Impairment of long-lived assets

^[4]

4,386

Restructuring expense

^[4]

722

Share-based compensation expense

^[2]

4,758

5,616

14,488

17,180

Unallocated Corporate

Segment Reporting Information [Line Items]

Operating expenses

5,840

6,498

18,762

20,760

Adjusted EBITDA

^[1]

(2,968)

(3,229)

(10,086)

(9,518)

^[2]

Net loss

(5,305)

(5,869)

(15,928)

(20,632)

Net loss attributable to noncontrolling interest

Net loss attributable to Adaptive Biotechnologies Corporation

(5,279)

(5,843)

(15,850)

(20,604)

Interest and other income, net

(3,474)

(4,282)

(11,462)

(10,918)

Interest expense

^[3]

2,939

3,652

8,628

10,788

Depreciation and amortization expense

435

728

1,298

2,120

Share-based compensation expense

^[2]

$ 2,411

$ 2,516

$ 7,300

$ 9,096

[1]	Adjusted EBITDA is a non-GAAP financial measure. See “Management's Discussion and Analysis of Financial Condition and Results of Operations—Adjusted EBITDA” for an explanation of how it is calculated and used by management.
[2]	Represents share-based compensation expense related to stock option, restricted stock unit and market-based restricted stock unit awards. See Note 11, Equity Incentive Plans for details on our share-based compensation expense.
[3]	Represents costs associated with our revenue interest liability and noncash interest costs associated with the amortization of the related deferred issuance costs. See Note 8, Revenue Interest Purchase Agreement for details on the Purchase Agreement.
[4]	Represents expenses recognized in conjunction with restructuring activities. See Note 12, Restructurings for details on our restructuring expenses.

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table presents our disaggregated revenue for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
MRD revenue
Service revenue	$	32,470	$	24,668	$	92,880	$	71,977
Regulatory milestone revenue		5,000		—		12,500		—
Total MRD revenue		37,470		24,668		105,380		71,977
Immune Medicine revenue
Service revenue		5,453		5,238		16,160		17,848
Collaboration revenue		3,512		8,013		9,958		34,667
Total Immune Medicine revenue		8,965		13,251		26,118		52,515
Total revenue	$	46,435	$	37,919	$	131,498	$	124,492

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders' Equity

10. Shareholders’ Equity

Common Stock

Our common stock has no preferences or privileges and is not redeemable. Holders of our common stock are entitled to one vote for each share of common stock held. The holders of record of outstanding shares of common stock shall be entitled to receive, when, as and if declared, out of funds legally available, such cash and other dividends as may be declared from time to time.

Our 2019 Equity Incentive Plan (the “2019 Plan”) provides for annual increases in the number of shares that may be issued under the 2019 Plan on January 1, 2020 and on each subsequent January 1, thereafter, by a number of shares equal to the lesser of (a) 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by our board of directors.

Furthermore, our Employee Stock Purchase Plan (the “ESPP”) provides for annual increases in the number of shares available for issuance under our ESPP on January 1, 2020 and on each January 1, thereafter, by a number of shares equal to the smallest of (a) 1% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by our board of directors.

Effective January 1, 2024, our 2019 Plan and ESPP reserves increased by 7,254,113 shares and 1,450,822 shares, respectively.

As of September 30, 2024, we had reserved shares of common stock for the following:


Shares issuable upon the exercise of outstanding stock options granted			12,411,036
Shares issuable upon the vesting of outstanding restricted stock units granted and the maximum outstanding market-based restricted stock units eligible to be earned			14,303,643
Shares available for future grant under the 2019 Equity Incentive Plan			17,817,054
Shares available for future grant under the Employee Stock Purchase Plan			5,686,170
Total shares of common stock reserved for future issuance			50,217,903

- Definition

The entire disclosure for equity.

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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Lessee Disclosure [Abstract]

Summary of Reconciles Undiscounted Operating Lease Cash Flows

The following table reconciles our undiscounted operating lease cash flows to our operating lease liabilities, less current portion balance as of September 30, 2024 (in thousands):


2024 (excluding the nine months ended September 30, 2024)	$	3,473
2025		14,098
2026		12,330
2027		11,944
2028		12,282
Thereafter		56,962
Total undiscounted lease payments		111,089
Less: Imputed interest rate		(19,264	)
Total operating lease liabilities		91,825
Less: Current portion		(10,021	)
Operating lease liabilities, less current portion	$	81,804

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (32,097)	$ (50,326)	$ (125,878)	$ (155,837)
Other comprehensive income
Change in unrealized gains and losses on investments	679	643	282	3,866
Comprehensive loss	(31,418)	(49,683)	(125,596)	(151,971)
Add: Comprehensive loss attributable to noncontrolling interest	26	26	78	28
Comprehensive loss attributable to Adaptive Biotechnologies Corporation	$ (31,392)	$ (49,657)	$ (125,518)	$ (151,943)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Organization and Description of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

1. Organization and Description of Business

Adaptive Biotechnologies Corporation (“we,” “us” or “our”) is a commercial-stage company advancing the field of immune medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature’s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our immune medicine platform applies our proprietary technologies to read the diverse genetic code of a patient’s immune system and understand precisely how the immune system detects and treats disease in that patient. We capture these insights in our dynamic clinical immunomics database and related antigen annotations, which are underpinned by computational biology and machine learning, and use them to develop and commercialize clinical products and services that can be tailored to the needs of individual patients. We have commercial products and services and a robust pipeline of clinical products and services that we are designing to diagnose, monitor and enable the treatment of diseases, such as cancer and autoimmune disorders.

We were incorporated in the State of Washington on September 8, 2009 under the name Adaptive TCR Corporation. On December 21, 2011, we changed our name to Adaptive Biotechnologies Corporation. We are headquartered in Seattle, Washington.

Revenue Interest Purchase Agreement

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue Interest Purchase Agreement

8. Revenue Interest Purchase Agreement

In September 2022, we entered into the Purchase Agreement with OrbiMed Royalty & Credit Opportunities IV, LP (“OrbiMed”), an affiliate of OrbiMed Advisors LLC, as collateral agent and administrative agent for the purchasers party thereto (the “Purchasers”). Pursuant to the Purchase Agreement, we received $125.0 million from the Purchasers at closing, less certain transaction expenses. We are also entitled to receive up to $125.0 million in subsequent installments as follows: (i) $75.0 million upon our request occurring no later than September 12, 2025 and (ii) $50.0 million upon our request in connection with certain permitted acquisitions occurring no later than September 12, 2025, in each case subject to certain funding conditions.

As consideration for such payments, the Purchasers have a right to receive certain revenue interests (the “Revenue Interests”) from us based on a percentage of all GAAP revenue. Payments in respect of the Revenue Interests shall be made quarterly within 45 days following the end of each fiscal quarter (each, a “Revenue Interest Payment”).

Accounting Treatment

We accounted for the transaction as debt recorded at amortized cost using the effective interest rate method.

To determine the amortization of the Purchase Agreement obligation, we are required to estimate the amount and timing of future Revenue Interest Payments based on our estimate of the timing and amount of future revenues and calculate an effective interest rate which will amortize the obligation to zero over the amortization period. The calculated effective interest rate as of September 30, 2024 was 8.8%.

In connection with the Purchase Agreement, we incurred debt issuance costs of $0.6 million. Debt issuance costs have been recorded to debt and are being amortized over the estimated term of the debt using the effective interest method, adjusted on a prospective basis for changes in the underlying assumptions and inputs.

The assumptions used in determining the expected repayment term of the obligation and amortization period of the issuance costs requires that we make estimates that could impact the short- and long-term classification of these costs, as well as the period over which these costs will be amortized. We periodically assess the amount and timing of expected Revenue Interest Payments based on internal forecasts. To the extent such payments are greater or less than our initial estimates or the timing of such payments is materially different than our original estimates, we will prospectively adjust the amortization of the revenue interest liability and the effective interest rate.

The following table sets forth the revenue interest liability, net activity during the nine months ended September 30, 2024 (in thousands):


Revenue interest liability, net at December 31, 2023	$	130,660
Interest expense		2,993
Revenue interest payable		(2,108	)
Revenue interest liability, net at March 31, 2024		131,545
Interest expense		2,696
Revenue interest payable		(2,159	)
Revenue interest liability, net at June 30, 2024		132,082
Interest expense		2,939
Revenue interest payable		(2,321	)
Revenue interest liability, net at September 30, 2024	$	132,700

Revenue interest payable of $2.3 million was included within the accounts payable balance on the unaudited condensed consolidated balance sheet as of September 30, 2024 and on the condensed consolidated balance sheet as of December 31, 2023.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Adaptive Biotechnologies Corporation, Adaptive Biotechnologies B.V., our wholly-owned subsidiary, and Digital Biotechnologies, Inc., a corporate subsidiary we have 70% ownership interest in. The remaining interest in Digital Biotechnologies, Inc., held by certain of our related parties and their related family trusts, are shown in the unaudited condensed consolidated financial statements as noncontrolling interest. All intercompany transactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. Estimates are used in several areas including, but not limited to, estimates of progress to date for certain performance obligations and the transaction price for certain contracts with customers, share-based compensation, imputing interest for our revenue interest purchase agreement (the “Purchase Agreement”), the provision for income taxes, including related reserves, the analysis of goodwill impairment and the recoverability and impairment of long-lived assets, among others. These estimates generally involve complex issues and require judgments, involve the analysis of historical results and prediction of future trends, can require extended periods of time to resolve and are subject to change from period to period. Actual results may differ materially from management’s estimates. Unaudited Interim Condensed Consolidated Financial Statements In our opinion, the accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. These unaudited condensed consolidated financial statements include all adjustments necessary to fairly state our financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments were of a normal, recurring nature. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2024. Segment Information We operate as two operating and reportable segments: Minimal Residual Disease (“MRD”) and Immune Medicine. We have determined that our chief executive officer is the chief operating decision maker (“CODM”). The CODM reviews operating results and other financial information presented at the MRD and Immune Medicine segment level, as well as on a consolidated basis, to make resource allocation decisions. The MRD and Immune Medicine segments are also our two reporting units. Restricted Cash We had a restricted cash balance of $3.0 million and $2.9 million as of September 30, 2024 and December 31, 2023, respectively. Our restricted cash primarily relates to certain balances we are required to maintain under lease arrangements for some of our property and facility leases. Goodwill Goodwill represents the excess of the purchase price over the net amount of attributed identifiable assets acquired and liabilities assumed in a business combination measured at fair value. We assess goodwill for impairment annually on October 1, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of one or both of our reporting units below their respective carrying value. We evaluate goodwill for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of one or both of our reporting units is less than their respective carrying amount. If we so determine, or if we choose to bypass the qualitative assessment, we perform a quantitative goodwill impairment test. If impairment exists, the carrying value of the allocated goodwill is reduced to its fair value through an impairment charge recorded in the consolidated statements of operations. To date, we have not recognized any impairment of goodwill. Concentrations of Risk We are subject to a concentration of risk from a limited number of suppliers, or in certain cases, single suppliers, for some of our laboratory instruments and materials. This risk is managed by targeting a quantity of surplus stock. Cash, cash equivalents and marketable securities are financial instruments that potentially subject us to concentrations of credit risk. We invest in money market funds, United States (“U.S.”) government treasury and agency securities, corporate bonds and commercial paper with high-quality accredited financial institutions. Revenue Recognition For all revenue-generating contracts, we perform the following steps to determine the amount of revenue to be recognized: (1) identify the contract or contracts; (2) determine whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (3) measure the transaction price, including the constraint on variable consideration; (4) allocate the transaction price to the performance obligations based on estimated selling prices; and (5) recognize revenue when (or as) we satisfy each performance obligation. We derive revenue by providing diagnostic and research services in our MRD and Immune Medicine business areas. Our MRD revenue consists of revenue generated from (1) providing our clonoSEQ report to clinical customers; (2) providing MRD sample testing services to biopharmaceutical customers and certain academic institutions, including investigator-led clinical trials; and (3) providing our clonoSEQ report or results to certain international laboratory sites through technology transfers. Our Immune Medicine revenue consists of revenue generated from (1) providing sample testing services for our commercial research product, Adaptive Immunosequencing, to biopharmaceutical customers and academic institutions; and (2) our collaboration agreements with Genentech, Inc. (“Genentech”) and other biopharmaceutical customers in areas of drug and target discovery. For agreements where we provide our clonoSEQ report to ordering physicians, we have identified one performance obligation: the delivery of a clonoSEQ report. We bill and receive payments for these transactions from commercial, government and medical institution payors. As payment from the respective payors may vary based on the various reimbursement rates and patient responsibilities, we consider the transaction price to be variable and record an estimate of the transaction price, subject to the constraint for variable consideration, as revenue at the time of delivery. The estimate of transaction price is based on historical and expected reimbursement rates with the various payors, which are monitored in subsequent periods and adjusted, as necessary, based on actual collection experience. Regarding our clonoSEQ coverage under Medicare, we bill an episode of treatment when we deliver the first eligible test report. This billing contemplates all necessary tests required during a patient’s treatment cycle, which is currently estimated at approximately four tests per patient, including the initial sequence identification test. Revenue recognition commences at the time the initial billable test report is delivered and is based upon cumulative tests delivered to date. We estimate the number of tests we expect to deliver over a patient’s treatment cycle based on historical testing frequencies for patients by indication. These estimates are subject to change as we develop more information about utilization over time. Any unrecognized revenue from the initial billable test is recorded as deferred revenue and is recognized either as we deliver our estimate of the remaining tests in a patient’s treatment cycle or when the likelihood becomes remote that a patient will receive additional testing. The contract transaction price for agreements we enter into with biopharmaceutical customers to further develop and commercialize their therapeutics may consist of a combination of non-refundable upfront fees, separately priced MRD testing fees and milestone fees earned upon our customers’ achievement of certain regulatory approvals. Depending on the contract, these agreements include single or multiple performance obligations. Such performance obligations include providing services to support our customers’ therapeutic development efforts, including regulatory support where our technology is intended to be utilized as part of our customers’ registrational trials, developing analytical plans for our data, participating on joint committees, assisting in completing a regulatory submission and providing MRD testing services related to customer-provided samples for our customers' regulatory submissions. Generally, the support services, excluding MRD testing services, are not distinct within the context of the contract and thus are accounted for as a single performance obligation. The transaction price allocated to the respective performance obligations is estimated using an adjusted market assessment approach for the regulatory support services and a standalone selling price for the estimated MRD testing services. When MRD sample testing services are separately priced customer options, we assess if a material right exists and, if not, the customer option to purchase additional MRD sample testing services is not considered part of the contract. We recognize revenue related to MRD testing services over time using an output method based on the proportion of sample results delivered relative to the total amount of sample results expected to be delivered, when expected to be a faithful depiction of progress. We use the same method to recognize the regulatory support services. When an output method based on the proportion of sample results delivered is not expected to be a faithful depiction of progress, we utilize an input method using a cost-based model based on estimates of effort completed. Selecting the measure of progress and estimating progress to date requires significant judgment. Except for any non-refundable upfront fees, the other forms of compensation represent variable consideration. At contract inception, we fully constrain any consideration related to regulatory milestones, as the achievement of such milestones is subject to third-party regulatory approval and the customers’ own submission decision-making. Variable consideration related to regulatory milestones is estimated using the most likely amount method, where variable consideration is constrained until it is probable that a significant reversal of cumulative revenue will not occur. Milestone payments for regulatory approvals, which are not within our customers’ control, are not considered probable of being achieved until those approvals are received. Determining whether regulatory milestone payments are probable is an area that requires significant judgment. In making this assessment, we evaluate scientific, clinical, regulatory and other risks, as well as the level of effort and investment required to achieve the respective milestone. For research customers who utilize either our MRD or Adaptive Immunosequencing services, contracts typically include an amount billed in advance of services (“upfront”) and subsequent billings as sample results are delivered to the customer. Upfront amounts received are recorded as deferred revenue, which we recognize as revenue upon satisfaction of performance obligations. We have identified two typical performance obligations under the terms of our research service contracts: (1) the delivery of our MRD data or Adaptive Immunosequencing for customer provided samples; and (2) related data analysis. We recognize revenue for both identified performance obligations as sample results are delivered to the customer. In periods where our sample estimates are reduced or a customer project is cancelled and, in either case, we have remaining related deferred revenue, we recognize revenue using a cumulative catch-up approach based on the proportion of samples delivered to date relative to the total samples expected to be delivered. New Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which intends to enhance reportable segment disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance is to be applied retrospectively. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which primarily intends to enhance the rate reconciliation and income taxes paid disclosures. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the guidance is to be applied prospectively; retrospective application is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which intends to improve financial reporting by requiring disclosure of additional information about specific expense categories. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the guidance is to be applied prospectively and may be applied retrospectively. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.