Harlan Robins
Adaptive BiotechnologiesAbout Harlan Robins
Harlan Robins, PhD, is Adaptive Biotechnologies’ co-founder and Chief Scientific Officer; age 52 as of April 15, 2025, with a BS in Physics (Harvard) and MS/PhD in Physics (UC Berkeley), plus postdoctoral appointments at the Weizmann Institute and the Institute for Advanced Study, Princeton . He led the Computational Biology Program at Fred Hutchinson Cancer Research Center (Assistant Faculty 2006–2011; Associate 2011–2016; Full Member and Program Head 2016–2019) before focusing full-time on Adaptive . Company performance context: 2024 revenue was $179.0M; MRD business revenue was $145.5M (+42% YoY); clonoSEQ test volume grew 35% YoY; cash, cash equivalents and marketable securities were $256.0M and operating expenses fell to $341.5M . Pay-versus-performance metrics show 2024 Company TSR value at 20 vs peer group TSR 118; net income was -$159.6M and revenue $178.957M (thousands) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fred Hutchinson Cancer Research Center | Computational Biology Program – Assistant Faculty | 2006–2011 | Developed computational biology capabilities that underpin immune profiling innovations . |
| Fred Hutchinson Cancer Research Center | Computational Biology Program – Associate | 2011–2016 | Advanced bioinformatics and immunogenomics applications . |
| Fred Hutchinson Cancer Research Center | Computational Biology Program – Full Member & Program Head | 2016–2019 | Led program; deepened translational bioinformatics relevant to MRD and immune medicine . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Weizmann Institute of Science | Postdoctoral appointment (particle theory group) | Post-PhD | Foundation in algorithmic approaches later applied to immune repertoire analysis . |
| Institute for Advanced Study, Princeton | Postdoctoral appointment | Post-PhD | Developed bioinformatics algorithms for micro-RNA targets and bacterial genome analysis . |
| Digital Biotechnologies, Inc. (Adaptive subsidiary) | Minority shareholder (250,000 shares; 8.3% excluding Adaptive) | Invested March 2021 | Exposure to early-stage sequencing technology; independent valuation; arms-length terms . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Salary | Actual Bonus Paid ($) |
|---|---|---|---|
| 2024 | 542,383 | 50% | 276,595 |
Notes:
- Base salary increased from $530,450 to $546,360 effective April 2024 (annualized within reported salary) .
- No unique perquisites in 2024; standard benefits include 401(k) match up to $3,000 and life insurance premiums (All Other Compensation $4,995) .
Performance Compensation
Annual Incentive – 2024 Corporate Metrics and Payouts
| Metric Category | Weighting | Target | Actual | Payout Contribution |
|---|---|---|---|---|
| MRD Revenue (clinical + pharma) | 30% | Threshold $130M; Target $140M; Stretch $150M | $146M achieved | 30% |
| Cash Burn | 15% | Consistent with MRD path to profitability | Achieved | 15% |
| Strategic Review Completion | 15% | Reorganize to MRD and Immune Medicine segments | Achieved | 15% |
| MRD Diagnostics & Clinical Testing | 15% | Volume/bookings metrics | Achieved | 15% |
| Immune Medicine Discovery & Pipeline | 25% | 4 qualitative goals | 3 of 4 achieved | 20% |
| Employee Engagement Kicker | 10% | Retention target (voluntary turnover) | Achieved | 10% |
| Corporate Performance Factor | — | — | — | 105% |
Individual weighting: For Dr. Robins, annual incentive is 75% corporate / 25% individual; individual performance factor approved at 90% for 2024 .
Equity Awards and Vesting – 2024 Grants
| Award Type | Grant Date | Units Granted | Fair Value ($) | Vesting / Performance |
|---|---|---|---|---|
| RSUs | 3/4/2024 | 354,610 | 1,414,894 | 25% vests 3/4/2025, then 3 equal annual installments . |
| PSUs (rTSR vs S&P Biotech Select Index) | 3/4/2024 | 354,610 target | 2,301,419 | 3-year performance; payout scale: <33rd pct=0%; 33rd=50%; 50th=100%; ≥75th=200%; capped at target if Company rTSR negative . |
Additional context:
- 2024 vesting (all NEOs): Dr. Robins had 167,601 shares vest (value realized $668,728); no option exercises in 2024 .
- Equity timing adheres to insider trading policy windows; typically approved January and granted in March after earnings release .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 2,143,480 shares; 1.4% of class . |
| Composition | Includes 1,724,000 shares issuable upon exercise of options exercisable within 60 days of April 1, 2025 . |
| Outstanding equity (12/31/2024) – Unvested RSUs/PSUs | 2022 grant: 123,559 units; 2023 grant: 620,568 units; 2024 grant: 709,220 units; market values reported using $6.00 closing price, with RSU portion vesting annually and PSUs subject to rTSR performance . |
| Option inventory | Historical grants include options from 2015–2021 and 2022 (various strikes/terms); as of 12/31/2024, numerous tranches are fully vested; no 2024 option grant to Dr. Robins . |
| Stock ownership guidelines | Executives must hold stock equal to 1x base salary; RSUs count at 50% net-of-tax for guideline compliance; 5-year compliance window; 50% post-vest holding if below guideline . |
| Hedging/pledging | Insider trading policy prohibits short sales, pledging, hedging or monetization transactions . |
Employment Terms
| Term | Provision |
|---|---|
| Employment agreement | Amended and restated; at-will; eligible for broad-based benefits . |
| Non-compete | 1 year post-termination; non-solicit 1 year post-termination; confidentiality and IP assignment via Form of Executive Non-Disclosure and Assignment Agreement . |
| Severance (outside change-in-control) | 6 months base salary + 6 months COBRA; accrued benefits; no severance for voluntary termination, death, disability beyond accrued benefits . |
| Change-in-control (double trigger) | 12 months base salary + 1x target annual cash incentive + 12 months COBRA; immediate vesting of all solely time-based unvested equity awards; accrued benefits . |
| PSU treatment on change-in-control | rTSR measured immediately prior to CIC; if not assumed, earned shares vest/deliver pre-CIC; if assumed, converts to time-based award through original performance period; accelerates upon qualifying termination within one year post-CIC . |
| Estimated payouts (as of 12/31/2024) | Outside CIC: Severance $273,180; Health care $18,526; Equity acceleration N/A. Within CIC: Severance $819,540; Health care $37,051; Equity acceleration $10,521,777 (intrinsic value at $6.00) . |
Related Party Transactions
- Digital Biotechnologies, Inc. (Adaptive subsidiary) minority investments: Dr. Robins purchased 250,000 shares ($35,725) in March 2021; family trusts related to Mr. and Dr. Robins purchased an aggregate 2,000,000 shares ($285,800); Adaptive contributed a patent license for 7,000,000 shares and provided $5.7M in services through 12/31/2024 under a shared services agreement .
- Audit committee policy governs related person transactions >$120,000; review/approval framework in place .
Performance & Track Record
- 2024 execution: MRD revenue $145.5M (+42% YoY) with 35% clonoSEQ test volume growth; expanded payer coverage (episode pricing increased 17% to $8,029; per-test CLFS rate $2,007); >170 active trials using clonoSEQ with >85 trials using MRD as endpoint .
- Immune Medicine: advanced antigen-directed TCR cell therapy with Genentech; narrowed autoimmunity focus; nominated lead indication for antibody therapeutics .
- Company TSR: 2024 Company TSR value 20 vs peer group TSR 118; net income -$159.6M; revenue $178.957M (thousands) in PVP disclosure .
Compensation Structure Analysis
- Mix shifts: Dr. Robins has received PSUs since 2023; 2024 awards replaced time-based options with PSUs for selected executives; committee pursued flat-share grant approach to control dilution given stock price, reducing grant-date fair values vs prior years .
- Pay philosophy: Moved from 75th percentile equity targeting to near-median across pay elements, with flexibility based on experience/performance .
- Governance: Majority of compensation is variable; at least 50% of executive target comp delivered in equity; >50% of long-term equity in PSUs for key executives (including CSO) .
- Say-on-Pay: 87.1% approval in most recent vote, after shareholder engagement and program adjustments .
Risk Indicators & Red Flags
- Hedging/pledging prohibited under insider policy (reduces misalignment risk) .
- No tax gross-ups in CIC severance; double-trigger structure aligns with market practice .
- CFO departure (April 2024) was voluntary with no disagreement; successor promoted internally—limits governance signal risk .
- Family relationship: Dr. Robins is brother of CEO/Chair Chad Robins; board maintains independent leadership via Lead Independent Director and committee structures .
Compensation Peer Group (Benchmarking)
- 2024 peer group used for competitive assessments includes life sciences diagnostics/therapeutics names (e.g., Guardant Health, Natera, NeoGenomics, Veracyte); 2025 peer group updated for bankruptcies/M&A and size calibration (adds Maravai, Mesa, Castle, Codexis, Fulgent, Voyager) .
Equity Ownership & Alignment – Detailed Outstanding Awards (12/31/2024)
| Grant Date | Award Type | Unvested Units (#) | Market Value at $6.00 ($) |
|---|---|---|---|
| 3/4/2022 | RSU + target PSU | 123,559 | 740,736 |
| 3/6/2023 | RSU + target PSU | 620,568 | 3,720,305 |
| 3/4/2024 | RSU + target PSU | 709,220 | 4,251,774 |
Employment Contracts – Key Clauses
- At-will employment with confidentiality/IP assignment; non-compete/non-solicit 1 year .
- Severance: Outside CIC 6 months salary/COBRA; within CIC 12 months salary, 1x target bonus, 12 months COBRA; time-based equity accelerates; PSU-specific CIC mechanics detailed above .
Investment Implications
- High alignment through significant unvested equity and PSU structure tied to relative TSR; however, company TSR underperformed peer group in 2024, capping PSU payouts if rTSR is negative and emphasizing multi-year performance recovery .
- Retention risk appears moderate: standard market severance with double-trigger CIC, significant ongoing RSU/PSU vesting schedule, and 2024 vesting value realization without option exercises; insider policy prohibits hedging/pledging .
- Governance considerations include co-founder family relationship; mitigants include independent board/committee leadership and robust related-party transaction policies; DigitalBio investments were approved via special independent committee with arms-length terms .
- Execution catalysts center on MRD scaling, payer coverage, and pharma trial adoption; equity incentives and corporate goals explicitly reward revenue growth, cash discipline, and pipeline milestones, supporting pay-for-performance alignment if MRD profitability path continues .