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Adaptive Biotechnologies Corporation (ADPT) operates in the field of immune medicine, leveraging the adaptive immune system to transform the diagnosis and treatment of diseases. The company decodes the genetic code of a patient’s immune system to understand how it detects and treats diseases, integrating computational biology, machine learning, and a clinical immunomics database. ADPT sells clinical products and services tailored to individual patient needs, focusing on minimal residual disease detection and immune medicine applications.
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Minimal Residual Disease (MRD) - Focuses on the detection and monitoring of minimal residual disease in patients with hematologic malignancies, primarily through the clonoSEQ test, which is FDA-authorized for multiple myeloma, B cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia.
- clonoSEQ - Offered to clinicians for diagnostic purposes and to biopharmaceutical partners to support drug development efforts.
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Immune Medicine (IM) - Leverages proprietary technology to sequence, map, pair, and characterize T cell receptors (TCRs) and B cell receptors (BCRs) at scale, driving the development of novel therapies.
- Adaptive Immunosequencing - Generates revenue from biopharmaceutical and academic customers.
- TCR-Antigen Map - Developed in collaboration with Microsoft Corporation to identify and validate disease signatures.
- Drug Discovery - Includes a collaboration with Genentech to develop TCR-based cell therapies and discover novel druggable targets.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Chad Robins ExecutiveBoard | CEO and Chairman | Board of Directors at CM Life Sciences III, Inc. | Co-founded ADPT in 2009, leading its growth and strategic direction. | View Report → |
Julie Rubinstein ExecutiveBoard | President and Chief Operating Officer | Board of Trustees Member at The Valerie Fund | Joined ADPT in 2011, played a significant role in commercial development and strategic growth. | |
Francis Lo Executive | Chief People Officer | None | Joined ADPT in 2019, with extensive experience in HR and talent management. | |
Kyle Piskel Executive | Chief Financial Officer | None | Joined ADPT in 2015, became CFO in 2024, with a background in accounting and finance. | |
Sharon Benzeno Executive | Chief Commercial Officer, Immune Medicine | None | Joined ADPT in 2014, transitioned through leadership roles, focusing on immune medicine. | |
Stacy Taylor Executive | SVP, General Counsel, and Corporate Secretary | None | Joined ADPT in 2018, with a background in legal and intellectual property law. | |
Susan Bobulsky Executive | Chief Commercial Officer, MRD | None | Joined ADPT in 2014, with a background in commercialization strategy and execution. | |
Michelle Griffin Board | Director | Board of Directors at Acer Therapeutics, HTG Molecular Diagnostics, Chinook Therapeutics | Extensive operational experience in biotech, serving on multiple boards and as Chair of the Audit Committee at ADPT. | |
Peter Neupert Board | Director | Board of Directors at Laboratory Corporation of America Holdings, Fortrea | Extensive experience in health services, serving as a lead independent director at ADPT. | |
Robert Hershberg Board | Director | Chairman and CEO of HilleVax, Inc.; Venture Partner at Frazier Healthcare Partners; Board Member at Recursion Pharmaceuticals | Extensive technical expertise and executive leadership in biotechnology, contributing to ADPT's board since 2013. |
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Despite exceeding revenue expectations in Q3 by $6 million, why didn't you raise the upper end of your MRD revenue guidance, and what factors are limiting your confidence in achieving higher revenues?
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Given the anticipated 56% decrease in Genentech upfront amortization contributing to a 32% decline in Immune Medicine revenue, how do you plan to offset this decline and address the potential impact on your Immune Medicine segment?
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With challenges in the pharma business due to quarter-to-quarter volatility and potential softness from external factors like hurricanes, how confident are you in your MRD pharma revenue projections, and what strategies are you implementing to mitigate these risks?
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Considering the recent decision by UnitedHealth to no longer cover certain genetic tests, how might payer concerns about spiraling costs impact your ability to secure reimbursement at higher rates for clonoSEQ, and what steps are you taking to address these potential challenges?
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Given that guidelines for mantle cell lymphoma are not yet defined and MRD testing is not standard practice in this indication, how do you plan to drive adoption of clonoSEQ in MCL, and what are the risks if clinical uptake is slower than expected?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Customer A | MRD services | MRD | 15.2% of total revenue in 2024 |
Customer B | Not disclosed | Not disclosed | 11.6% of total revenue in 2022 |
Genentech, Inc. and Roche Group | Collaboration to develop TCR-based therapies | MRD & Immune Medicine | 27.8% of total revenue in 2023 and 36.4% in 2022 , upfront payment of $300 million in 2019, milestone payment of $10 million in 2023, and up to $1.8 billion in future milestones |
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