Kyle Piskel
Adaptive BiotechnologiesAbout Kyle Piskel
Kyle Piskel is Chief Financial Officer of Adaptive Biotechnologies (ADPT), age 41, serving as CFO since April 2024; he joined Adaptive in September 2015 after roles at Expedia and EY, and is a former CPA with a BA in Business Administration (Eastern Washington University) and a Master of Accountancy (Gonzaga University) . Company pay-versus-performance disclosure shows 2024 company TSR of 20 vs 16 in 2023, with revenue of $178,957 thousand in 2024 vs $170,276 thousand in 2023 and net loss improving to $(159,595) thousand from $(225,304) thousand, framing operational progress during his tenure on the senior finance team .
Past Roles
| Organization | Role | Years | Source |
|---|---|---|---|
| EY (Ernst & Young LLP) | Assurance services practice | 2007–2014 | |
| Expedia Group | Accounting Manager | Oct 2014–Aug 2015 | |
| Adaptive Biotechnologies | Various finance roles of increasing responsibility | Sep 2015–2021 | |
| Adaptive Biotechnologies | Principal Accounting Officer | Since Oct 2021 | |
| Adaptive Biotechnologies | Interim Chief Financial Officer | Feb 2022–Jun 2022 | |
| Adaptive Biotechnologies | Chief Financial Officer | Since Apr 2024 |
External Roles
No public company directorships or external board roles are disclosed for Piskel in the company’s executive officer biographies in the 2025 proxy .
Fixed Compensation
Multi-year compensation (as reported in the Summary Compensation Table):
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary | $293,550 | $305,295 | $361,167 |
| Stock Awards | $499,998 | $369,998 | $783,187 |
| Option Awards | $783,244 | — | — |
| Non-Equity Incentive Plan Compensation | $78,158 | $64,753 | $141,226 |
| All Other Compensation | $4,197 | $4,000 | $4,766 |
| Total | $1,659,147 | $744,046 | $1,290,346 |
Base salary actions in 2024:
| Action Date | Base Salary | Context |
|---|---|---|
| Pre-review level | $308,260 | Pre-committee review |
| Early 2024 increase | $320,591 | 4% increase prior to promotion |
| Upon promotion to CFO | $380,000 | Effective with elevation to CFO |
| Proration note | — | 2024 salary and target incentive opportunity were prorated |
Annual incentive setup and payout for 2024:
| Item | 2024 Value |
|---|---|
| Target bonus percent (% of salary) | 36% |
| Target bonus amount | $136,133 |
| Corporate performance factor | 105% |
| Individual performance factor | 100% |
| Actual bonus paid | $141,226 |
Performance Compensation
Annual corporate goals and outcomes for FY 2024:
| Goal Category (Weight) | Specific Goals | Outcome | Payout |
|---|---|---|---|
| Financial (60%) | MRD revenue (30%): Threshold $130M; Target $140M; Stretch $150M. Achieved $146M | Achieved | 30% |
| Cash burn (15%): quantitative targets aligned to path to profitability | Achieved | 15% | |
| Complete strategic review (15%) | Achieved | 15% | |
| MRD (15%) | clonoSEQ clinical testing growth and MRD Pharma bookings | Achieved | 15% |
| Immune Medicine (25%) | Discovery/pipeline milestones; 3 of 4 achieved | Achieved 3 of 4 | 20% |
| Engagement Kicker (10%) | Employee retention target (T12M voluntary turnover) | Achieved | 10% |
| Total corporate factor | — | — | 105% |
Named executive officer incentive weighting and payout (Piskel):
| NEO | Target Bonus (% of Salary) | Target ($) | Corporate Factor | Individual Factor | Earned ($) | Earned (% of Target) |
|---|---|---|---|---|---|---|
| Kyle Piskel | 36% | $136,133 | 105% | 100% | $141,226 | 104% |
PSU design and CIC mechanics:
- PSUs use company rTSR measured against an index TSR over a 3-year performance period; in a Change in Control before period end, rTSR is measured immediately prior to CIC with earned shares vesting if not assumed or converting to time-based RSUs if assumed, with double-trigger vesting upon qualifying termination within one year post-CIC .
Equity Ownership & Alignment
Beneficial ownership (as of April 1, 2025):
| Holder | Total Shares Beneficially Owned (#) | % of Class |
|---|---|---|
| Kyle Piskel | 203,299 | <1% |
Outstanding equity awards (as of Dec 31, 2024) – Kyle Piskel:
| Grant Date | Option Awards Exercisable (#) | Option Awards Unexercisable (#) | Exercise Price ($) | Expiration | Stock Awards – Not Vested (#) | Market Value of Unvested Stock ($) |
|---|---|---|---|---|---|---|
| 11/8/2016 | 2,500 | — | 6.32 | 11/8/2026 | — | — |
| 10/1/2018 | 11,980 | — | 6.55 | 10/1/2028 | — | — |
| 4/23/2019 | 3,750 | — | 7.80 | 4/23/2029 | — | — |
| 11/14/2019 | 4,900 | — | 27.29 | 11/14/2029 | — | — |
| 2/27/2020 | 13,474 | — | 28.32 | 2/27/2030 | — | — |
| 9/24/2020 | 15,000 | — | 45.82 | 9/24/2030 | — | — |
| 3/4/2021 | 6,706 | 448 | 43.68 | 3/4/2031 | 716 | $4,292 |
| 11/15/2021 | 7,393 | 2,199 | 32.58 | 11/15/2031 | 960 | $5,755 |
| 3/4/2022 | 70,788 | 32,177 | 12.14 | 3/4/2032 | 20,594 | $123,461 |
| 3/6/2023 | — | — | — | — | 32,802 | $196,648 |
| 3/4/2024 | — | — | — | — | 43,740 | $262,221 |
| 5/15/2024 | — | — | — | — | 106,260 (includes 31,260 RSUs and 75,000 target PSUs) | $637,029 |
Grants of plan-based awards (2024) – Kyle Piskel:
| Grant Date | Award Type | Shares Granted (#) | Grant Date Fair Value ($) |
|---|---|---|---|
| 3/4/2024 | RSU | 43,740 | $174,523 |
| 5/15/2024 | RSU | 31,260 | $121,914 |
| 5/15/2024 | PSU (target) | 75,000 | $486,750 |
Option exercises and stock vested (2024):
| Name | Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Shares Acquired on Vesting (#) | Value Realized on Vesting ($) |
|---|---|---|---|---|
| Kyle Piskel | — | — | 22,904 | $92,432 |
Vesting schedules (selected footnotes):
- 3/4/2024 RSU: 25% vested on 3/4/2025, then three equal monthly installments thereafter .
- 5/15/2024 RSU: 25% vested on 5/15/2025, then three equal annual installments thereafter .
- 3/4/2022 RSU: 25% vested on 3/4/2023, then three equal annual installments thereafter .
- Options generally vest 25% on first anniversary then 36 monthly installments (e.g., 3/4/2021 option footnote) .
Stock ownership guidelines and alignment:
- Executives must hold equity equal to 1x base salary within five years; those not yet compliant must retain at least 50% of net shares delivered from vesting/exercise until in compliance .
- All Section 16(a) reporting was compliant for FY 2024, indicating disciplined insider reporting practices .
Employment Terms
Employment agreement and restrictive covenants:
- Piskel is employed at-will; he is party to the company’s employee non-disclosure and assignment agreement, agreeing to protect confidential information, assign IP, and a non-solicitation of employees for one year post-termination; an executive severance agreement governs termination/CIC benefits .
Severance (Form Severance Agreement):
- Outside CIC: Lump sum equal to 6 months base salary, plus 6 months COBRA; Accrued Benefits only otherwise .
- Within CIC period (15 months window: 3 months pre- to 12 months post-CIC): Lump sum equal to 12 months base salary plus 1.0x target annual cash incentive, 12 months COBRA, immediate vesting of all time-based unvested equity awards; double-trigger required for severance .
Illustrative payout values (assuming event as of Dec 31, 2024):
| Scenario | Severance Payments ($) | Equity Acceleration ($) | Health Care Benefits ($) |
|---|---|---|---|
| Qualifying termination outside CIC period | $190,000 | — | $4,309 |
| Qualifying termination within CIC period | $516,133 | $1,679,032 | $8,618 |
PSU change-in-control treatment:
- rTSR measured immediately prior to CIC; if awards not assumed, earned shares vest and deliver immediately prior to CIC; if assumed, convert to time-based with vesting at period end, subject to service, with immediate vesting on qualifying termination within one year post-CIC .
Investment Implications
- Pay-for-performance alignment is strengthening: equity is a significant portion of pay and PSUs now apply to the CFO, directly tying long-term realizable compensation to company rTSR; company PVP data shows CAP directionally tracking TSR, and revenue grew in 2024 while net loss narrowed .
- Retention risk appears moderated by double-trigger CIC protections (12 months base + 1x target bonus and time-based equity acceleration) and standard severance outside CIC (6 months base), providing continuity incentives during strategic events .
- Insider selling pressure windows: RSU tranches typically deliver around March 4 and May 15 annually for 2024 grants, creating periodic share delivery events; trading is governed under the insider trading policy with pre-clearance and Rule 10b5-1 frameworks, which can mitigate ad hoc selling volatility .
- Ownership alignment: Piskel’s beneficial ownership is 203,299 shares (<1%), and executives must maintain at least 1x salary in ownership with 50% post-vest holding until compliant, promoting ongoing equity alignment despite currently immaterial ownership percentage .
- Governance backdrop: Say-on-Pay support was 87.1% in the most recent vote, and the compensation and human capital committee disclosed actions to manage dilution and expand PSU usage for executives; committee members had no interlocks, supporting independent oversight .
- Execution record: As CFO, Piskel emphasized cash flow positivity and margin improvements in MRD, with NovaSeq X integration supporting sequencing gross margin uplift—signals of operational discipline that can support incentive achievement and investor confidence in near-term profitability pathways .