On this page of StockholderLetter.com we present the latest annual shareholder letter from Adaptive Biotechnologies Corp — ticker symbol ADPT. Reading current and past ADPT letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
SH A R E HO LDER LETTER Dear fellow shareholders, Adaptive continues to leverage its industry-leading immune receptor data capabilities to translate the immune system response to disease into paradigm-shifting clinical products. 2024 was a year of strong execution, marked by key catalysts achieved in our minimal residual disease (MRD) business for blood cancers and advancements in our immune medicine (IM) drug discovery and development business for cancer and autoimmune diseases. ,Q 05' ZH SURYLGH SK\VLFLDQV DQG UHVHDUFKHUV ZLWK LQVLJKWV LQWR WKH H HFWLYHQHVV RI WUHDWPHQW IRU lymphoid cancers by using our next-generation sequencing (NGS)-based clonoSEQ test to assess ZKHQ DQG LI D SDWLHQW V LPPXQH UHVSRQVH WR GLVHDVH KDV UHWXUQHG WR D FOLQLFDOO\ VLJQL FDQW OHYHO 7KLV knowledge can transform how lymphoid cancers, such as multiple myeloma, are understood in clinical trials and treated in patients. In IM, we are focused on the discovery and development of transformative immune-based therapies in WKH WUHDWPHQW RI SDWLHQWV ZLWK FDQFHU DQG DXWRLPPXQH GLVHDVHV :H EHOLHYH WKHVH H RUWV ZLOO DOORZ XV to better understand and treat these therapeutically challenging conditions. Developing clinical products based on immune receptor data discoveries Two distinct business units derived from one platform MRD in Heme: Diagnostic Business Immune Medicine: Drug Discovery Business Industry-leading MRD test in blood cancers Clinical testing Biopharma trials Leaders in TCR and antigen mapping Cancer Autoimmunity Personalized cell-therapy TCR targeting antibody
Key Financial Highlights FY 24 revenue of $179.0 million, representing a 5% increase from 2023 FY 24 operating expenses of $341.5 million, representing a decrease of 14% from the prior year $256.0 million in cash, cash equivalents and marketable securities as of December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had Robins, &KLHI ([HFXWLYH 2 FHU DQG &R IRXQGHU
MRD 7KH 05' EXVLQHVV LV FHQWHUHG DURXQG WKH XVH RI RXU KLJKO\ VHQVLWLYH QH[W JHQHUDWLRQ VHTXHQFLQJ DVVD\ WR GHWHFW PHDVXUDEOH UHVLGXDO GLVHDVH LQ SDWLHQWV ZLWK O\PSKRLG PDOLJQDQFLHV ,W LV FRPSULVHG RI WZR PDLQ SLOODUV WKH FORQR6(4p FOLQLFDO WHVW R HUHG WR FOLQLFLDQV DQG RXU FORQR6(4 DVVD\ R HUHG WR ELRSKDUPDFHXWLFDO SDUWQHUV WR DGYDQFH GUXJ GHYHORSPHQW H RUWV 'XULQJ WKH ODVW GHFDGH ZH KDYH HVWDEOLVKHG VLJQL FDQW FRPSHWLWLYH DGYDQWDJHV DURXQG FORQR6(4 LQFOXGLQJ LQGXVWU\ OHDGLQJ VHQVLWLYLW\ EURDG SD\RU FRYHUDJH FOLQLFDO HYLGHQFH JXLGHOLQH LQFOXVLRQ DQG ELRSKDUPDFHXWLFDO XWLOL]DWLRQ RI 05' DV D VXUURJDWH HQGSRLQW LQ FOLQLFDO WULDOV Jim s story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riving adoption and changing the treatment paradigm Clinical testing $86M >300M )< UHYHQXH &RYHUHG OLYHV ~70K 3DWLHQWV WHVWHG Biopharma trials MRD UHYHQXH JURZWK $59M >170 )< UHYHQXH $FWLYH WULDOV ~65 >$400M $43M 6DOHV UHSV (OLJLEOH PLOHVWRQHV 0LOHVWRQHV WR GDWH )< YV )< JURZWK LQ 05' UHYHQXH &XPXODWLYH UHYHQXH IURP PLOHVWRQHV UHFRJQL]HG WKURXJK 'HFHPEHU 42%
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
 • shareholder letter icon 4/29/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 ADPT Stockholder Letter
 • stockholder letter icon 4/26/2024 ADPT Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon ADPT Benford's Law Stock Score = 86


ADPT Shareholder/Stockholder Letter Transcript:

2024
Annual
Report

SH A R E HO LDER LETTER
Dear fellow shareholders,
Adaptive continues to leverage its industry-leading immune receptor data capabilities to translate the
immune system response to disease into paradigm-shifting clinical products.
2024 was a year of strong execution, marked by key catalysts achieved in our minimal residual disease
(MRD) business for blood cancers and advancements in our immune medicine (IM) drug discovery and
development business for cancer and autoimmune diseases.
,Q 05'  ZH SURYLGH SK\VLFLDQV DQG UHVHDUFKHUV ZLWK LQVLJKWV LQWR WKH H  HFWLYHQHVV RI WUHDWPHQW IRU 
lymphoid cancers by using our next-generation sequencing (NGS)-based clonoSEQ   test to assess
ZKHQ DQG LI D SDWLHQW V LPPXQH UHVSRQVH WR GLVHDVH KDV UHWXUQHG WR D FOLQLFDOO\ VLJQL  FDQW OHYHO  7KLV 
knowledge can transform how lymphoid cancers, such as multiple myeloma, are understood in clinical
trials and treated in patients.
In IM, we are focused on the discovery and development of transformative immune-based therapies in
WKH WUHDWPHQW RI SDWLHQWV ZLWK FDQFHU DQG DXWRLPPXQH GLVHDVHV   :H EHOLHYH WKHVH H  RUWV ZLOO DOORZ XV 
to better understand and treat these therapeutically challenging conditions.
Developing clinical products based on immune receptor data discoveries
Two distinct business units derived from one platform
MRD in Heme:
Diagnostic Business
Immune Medicine:
Drug Discovery Business
Industry-leading MRD
test in blood cancers
Clinical testing
Biopharma trials
Leaders in TCR and
antigen mapping
Cancer
Autoimmunity
Personalized
cell-therapy
TCR targeting
antibody

Key Financial Highlights

FY   24 revenue of $179.0 million, representing a
5% increase from 2023

FY   24 operating expenses of $341.5 million, representing
a decrease of 14% from the prior year

$256.0 million in cash, cash equivalents and marketable
securities as of December 31, 2024
2XU IRFXV RQ OHYHUDJLQJ FXWWLQJ HGJH LPPXQH VFLHQFH FRQWLQXHV WR SRVLWLRQ $GDSWLYH DV D OHDGHU LQ 
WUDQVIRUPLQJ KRZ GLVHDVHV DUH GHWHFWHG  XQGHUVWRRG DQG WUHDWHG  :LWK VWURQJ PRPHQWXP KHDGLQJ 
LQWR       ZH DUH IRFXVHG RQ DFKLHYLQJ SUR  WDELOLW\ LQ 05' ZLWK DQ HQKDQFHG JURZWK DQG PDUJLQ 
SUR  OH  DGYDQFLQJ RXU WKHUDSHXWLFV SLSHOLQH LQ ,0 DQG PDLQWDLQLQJ D GXUDEOH FDVK SRVLWLRQ WR VXSSRUW 
VXVWDLQDEOH  ORQJ WHUP JURZWK 
$GDSWLYH UHPDLQV D KLJKO\ FROODERUDWLYH DQG SXUSRVH GULYHQ ZRUNSODFH  ZLWK RXU HQJDJHPHQW  WDOHQW 
UHWHQWLRQ  DQG FXOWXUH VFRUHV UHDFKLQJ WKHLU KLJKHVW OHYHOV LQ WKUHH \HDUV  $Q XQZDYHULQJ SDVVLRQ IRU 
SDWLHQWV SHUPHDWHV HYHU\ DVSHFW RI RXU RUJDQL]DWLRQ  ,  P GHHSO\ SURXG RI WKH VFLHQWL  F WHQDFLW\  EROG 
WKLQNLQJ DQG UHVRXUFHIXOQHVV ZKLFK QRW RQO\ GH  QH ZKR ZH DUH WRGD\ EXW DOVR SRZHU WKH FRPSDQ\ ZH 
DVSLUH WR EHFRPH LQ WKH IXWXUH 
Chad Robins,
&KLHI ([HFXWLYH 2  FHU DQG &R IRXQGHU

MRD
7KH 05' EXVLQHVV LV FHQWHUHG DURXQG WKH XVH RI RXU KLJKO\ VHQVLWLYH  QH[W JHQHUDWLRQ VHTXHQFLQJ 
DVVD\ WR GHWHFW PHDVXUDEOH UHVLGXDO GLVHDVH LQ SDWLHQWV ZLWK O\PSKRLG PDOLJQDQFLHV  ,W LV FRPSULVHG 
RI WZR PDLQ SLOODUV  WKH FORQR6(4p FOLQLFDO WHVW  R  HUHG WR FOLQLFLDQV  DQG RXU FORQR6(4 DVVD\  R  HUHG 
WR ELRSKDUPDFHXWLFDO SDUWQHUV WR DGYDQFH GUXJ GHYHORSPHQW H  RUWV  'XULQJ WKH ODVW GHFDGH  ZH KDYH 
HVWDEOLVKHG VLJQL  FDQW FRPSHWLWLYH DGYDQWDJHV DURXQG FORQR6(4  LQFOXGLQJ LQGXVWU\ OHDGLQJ VHQVLWLYLW\  
EURDG SD\RU FRYHUDJH  FOLQLFDO HYLGHQFH  JXLGHOLQH LQFOXVLRQ DQG ELRSKDUPDFHXWLFDO XWLOL]DWLRQ RI 05' 
DV D VXUURJDWH HQGSRLQW LQ FOLQLFDO WULDOV 
Jim   s story
-LP ZDV DQ DYLG F\FOLVW  EXW ZKLOH WUDLQLQJ IRU KLV QH[W HYHQW  KH QRWLFHG KH ZDVQ  W UHFRYHULQJ DV 
H[SHFWHG  $ YLVLW WR KLV GRFWRU UHYHDOHG ORZ ZKLWH DQG UHG EORRG FHOO FRXQWV  +H ZDV GLDJQRVHG 
ZLWK GL  XVH ODUJH % FHOO O\PSKRPD  '/%&/   WKH PRVW FRPPRQ IRUP RI QRQ +RGJNLQ O\PSKRPD 
'XULQJ WUHDWPHQW  -LP DQG KLV SK\VLFLDQ PDGH WKH GHFLVLRQ WR PRQLWRU IRU UHPDLQLQJ FDQFHU ZLWK 
ERWK 3(7 &7 DQG FORQR6(4  &OHDU 3(7 &7V DQG FRQVHFXWLYHO\ QHJDWLYH FORQR6(4 WHVW UHVXOWV 
FRQWULEXWHG WR WKH GHFLVLRQ WR IRUHJR KLV  WK DQG   QDO FKHPRWKHUDS\ WUHDWPHQW  7KLV WLPHO\ 
DGMXVWPHQW LQ KLV WUHDWPHQW SODQ UHGXFHG XQQHFHVVDU\ H[SRVXUH WR FKHPRWKHUDS\ DQG LWV VLGH 
H  HFWV  .QRZLQJ KLV 05' VWDWXV ZDV QHJDWLYH JDYH -LP WKH UHDVVXUDQFH KH QHHGHG WR FRQWLQXH 
GRLQJ ZKDW KH ORYHV DQG JHW EDFN RQ KLV ELNH 
Driving adoption and changing the treatment paradigm
Clinical testing
$86M
>300M
)<      UHYHQXH
&RYHUHG OLYHV
~70K
3DWLHQWV WHVWHG
Biopharma trials
MRD
UHYHQXH JURZWK  
$59M
>170
)<      UHYHQXH
$FWLYH WULDOV
~65
>$400M
$43M
6DOHV UHSV
(OLJLEOH PLOHVWRQHV 0LOHVWRQHV WR GDWH  
   )<      YV )<      JURZWK LQ 05' UHYHQXH
   &XPXODWLYH UHYHQXH IURP PLOHVWRQHV UHFRJQL]HG WKURXJK 'HFHPEHU         
42%

6LJQL  FDQW DGYDQFHV LQ      LQFOXGH 

:H JUHZ FORQR6(4 WHVW YROXPH E\     \HDU RYHU \HDU  %ORRG EDVHG WHVWLQJ FRQWLQXHV WR EH D NH\ 
GULYHU RI WKH JURZWK LQ WKH FRPPXQLW\ VHWWLQJ  PDNLQJ XS     RI FORQR6(4 05' WHVW YROXPH LQ WKH 
IRXUWK TXDUWHU RI      

3D\RU FRYHUDJH IRU WKH WHVW JUHZ WR RYHU     PLOOLRQ OLYHV LQ % FHOO DFXWH O\PSKREODVWLF OHXNHPLD 
% $//  DQG PXOWLSOH P\HORPD  RYHU     PLOOLRQ OLYHV LQ FKURQLF O\PSKRF\WLF OHXNHPLD  &//  DQG 
RYHU    PLOOLRQ OLYHV LQ GL  XVH ODUJH % FHOO O\PSKRPD  '/%&/   ,Q DGGLWLRQ  ZH REWDLQHG 0HGLFDUH 
FRYHUDJH IRU PDQWOH FHOO O\PSKRPD  0&/  DQG LQLWLDWHG SURPRWLRQDO H  RUWV LQ 0&/ LQ WKH IRXUWK 
TXDUWHU RI      

:H REWDLQHG D QHZ 0HGLFDUH &OLQLFDO /DERUDWRU\ )HH 6FKHGXOH UDWH RI        SHU WHVW IRU FORQR6(4 
DQG 0RO'; XSGDWHG WKH FORQR6(4 HSLVRGH SULFLQJ WR        IRU DOO FRYHUHG LQGLFDWLRQV  7KLV 
UHSUHVHQWV D     LQFUHDVH IURP WKH SUHYLRXV HSLVRGH SULFH DQG WKH SUHYLRXV LPSOLHG SHU WHVW UDWH 
XQGHU WKH HSLVRGH VWUXFWXUH 

:H LQWHJUDWHG WKH FORQR6(4 FOLQLFDO GLDJQRVWLF WHVW YLD WKH (SLF 6\VWHP &RUSRUDWLRQ V 
FRPSUHKHQVLYH HOHFWURQLF PHGLFDO UHFRUG V\VWHP LQWR WKH UHFRUGV V\VWHPV RI    DFFRXQWV WKURXJK 
     WR HQDEOH HDVLHU WHVW RUGHULQJ 

$V RI 'HFHPEHU           FORQR6(4 DVVD\ WHFKQRORJ\ ZDV EHLQJ XVHG LQ PRUH WKDQ     DFWLYH WULDOV 
EHLQJ FRQGXFWHG E\ RYHU    ELRSKDUPDFHXWLFDO SDUWQHUV  LQFOXGLQJ PRUH WKDQ    WULDOV ZKHUH 05' 
LV D FOLQLFDO HQGSRLQW     RI ZKLFK XVH 05' DV D SULPDU\ HQGSRLQW  



shareholder letter icon 4/29/2025 Letter Continued (Full PDF)
 

ADPT Stockholder/Shareholder Letter (Adaptive Biotechnologies Corp) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.