Susan Bobulsky
Adaptive BiotechnologiesAbout Susan Bobulsky
Susan Bobulsky is Chief Commercial Officer, MRD at Adaptive Biotechnologies (ADPT), age 44, serving in the MRD CCO role since January 2024 and at Adaptive since September 2014. She holds an MBA from Stanford Graduate School of Business and a BS in Science, Technology and Society from Stanford; prior to Adaptive she spent nine years at ZS Associates focused on commercialization strategy for therapeutic and diagnostic products . During 2024, company revenue was $179.0M vs. $170.3M in 2023, with MRD revenue at $145.5M (+42% YoY) and clonoSEQ test volume +35% YoY; payer coverage and Medicare pricing also expanded materially in MRD, which is under her purview . Company pay-for-performance is tied to TSR; the 2024 “value of initial fixed $100 investment” based on company TSR was 20 vs. 118 for the peer group, and Say‑on‑Pay support was 87.1%, indicating investor acceptance of compensation design despite stock underperformance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Adaptive Biotechnologies | Chief Commercial Officer, MRD | Jan 2024–present | MRD delivered $145.5M revenue (+42% YoY), clonoSEQ volume +35% YoY; Medicare per-test rate $2,007 and episode pricing $8,029; coverage expanded across indications . |
| Adaptive Biotechnologies | Commercial and strategic planning roles | Sep 2014–Dec 2023 | Roles of ascending responsibility driving commercialization strategy for diagnostics and therapeutics . |
| ZS Associates | Associate Principal | Nine years | Led commercialization strategy and execution for therapeutic and diagnostic products . |
External Roles
No public company directorships or external board roles were disclosed for Bobulsky in the latest proxy filing .
Fixed Compensation
Adaptive did not disclose individual base salary, target bonus %, or actual bonus paid for Bobulsky in 2024; she is not a named executive officer in the Summary Compensation Table, which covers CEO, CFOs, CCO (Immune Medicine), CSO, and President/COO .
Performance Compensation
Annual Incentive Program structure (applies company‑wide; NEOs weighted 75% corporate/25% individual, CEO at 100% corporate; executives follow this corporate framework):
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| MRD Revenue (clinical + pharma) | 30% | Threshold $130M; Median $140M; Stretch $150M | $146M | 30% | No interpolation applied; achieved between median and stretch . |
| Cash Burn | 15% | Consistent with MRD path to profitability | Achieved | 15% | Funded to targets aligned with capital allocation strategy . |
| Strategic Review Completion | 15% | Reorg into MRD and Immune Medicine | Achieved | 15% | Structural reorganization executed . |
| MRD Diagnostic & Clinical Testing | 15% | Volume/bookings objectives | Achieved | 15% | Clinical testing growth and pharma bookings . |
| Immune Medicine Discovery & Pipeline | 25% | 4 milestones | Achieved 3 of 4 | 20% | Discovery/IND‑ready progress . |
| Employee Retention Kicker | 10% | Voluntary turnover target | Achieved | 10% | Engagement measured via retention . |
| Corporate Performance Factor | — | — | — | 105% | Company‑wide factor used for bonus funding . |
Long‑Term Incentive design (program level):
- PSU payout scale: 0% below 33rd percentile TSR vs S&P Biotechnology Select Industry Index; 50% at 33rd, 100% at 50th, 200% at 75th+; negative company rTSR caps payout at target .
- RSU vesting: typically 25% on each of the first four anniversaries; stock options vest 25% at 1 year then 36 monthly installments; options have a 10‑year term .
- Note: PSU recipients explicitly named were CEO, CFO, CSO, and President/COO; Bobulsky’s PSU participation is not disclosed .
Equity Ownership & Alignment
| Policy Element | Details |
|---|---|
| Stock Ownership Guidelines | Executives required to hold shares equal to 1× base salary within 5 years; if not yet compliant, must retain at least 50% of net shares from vesting/exercise; value measured by 30‑day average closing price after March 31 . |
| Insider Trading Policy | Prohibits short sales, pledging, hedging or monetization transactions; trading only in windows with pre‑clearance; Rule 10b5‑1 plans permitted; policy filed as Exhibit 19 to the 2024 10‑K . |
| Vesting Schedules | RSUs: 25% per year across 4 years; Options: 25% at first anniversary then monthly thereafter . |
Employment Terms
| Provision | Outside Change‑in‑Control (CiC) | Within CiC Window | Notes |
|---|---|---|---|
| Severance (cash) | 6 months base salary | 12 months base salary + 1.0× target annual cash incentive | Applies to executive officers (CEO has higher multiples); double‑trigger required in CiC . |
| Health Benefits | 6 months COBRA premiums | 12 months COBRA premiums | Continuation periods per executive severance agreement . |
| Equity | — | Immediate vesting of time‑based unvested equity awards | For executives; PSU awards have specific CiC treatment for named recipients . |
| Triggers & Window | Termination without Cause or resignation for Good Reason | 15‑month CiC window: from 3 months before to 12 months after CiC | Good Reason defined; double‑trigger mechanics specified . |
| Clawbacks/Tax Gross‑Ups | No excise tax gross‑up on CiC payments | — | Company policy explicitly avoids tax gross‑ups; clawback not specified in proxy . |
| Non‑Solicit/Confidentiality | Executives party to non‑disclosure and assignment; non‑solicit obligations | — | Executive agreements include non‑solicit and confidentiality; CEO agreement includes a 1‑year non‑compete; non‑compete not specified for other executives . |
Performance & Track Record
Company and MRD operating indicators relevant to Bobulsky’s remit:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Company Revenue ($M) | 170.3 | 179.0 |
| MRD Revenue ($M) | — | 145.5 |
| clonoSEQ Test Volume YoY | — | +35% |
Additional MRD achievements:
- Payer coverage: >300M lives for ALL/MM; >200M for CLL; >70M for DLBCL; Medicare coverage obtained for MCL; episode pricing updated to $8,029; Clinical Lab Fee Schedule rate set at $2,007/test .
- Workflow integration: clonoSEQ integrated into Epic EMR for 18 accounts to ease ordering .
Capital markets and compensation alignment indicators:
- 2024 TSR value of $20 vs. peer group $118 (value of initial $100), highlighting underperformance; compensation program emphasizes equity and relative TSR PSUs at senior levels .
- Say‑on‑Pay approval: 87.1% in the most recent vote .
Risk context:
- CFO transition: April 2024 resignation was voluntary and not due to disagreements; successor appointed from internal ranks (Principal Accounting Officer) .
Compensation Committee Analysis
- Program evolution: Expanded PSU program for key roles since 2022–2024; shifted pay philosophy toward median market positioning; emphasized burn‑rate management (flat‑share grants to reduce dilution) .
- Peer benchmarking and consultants: Semler Brossy engaged; peer group refined for 2025 (adds/removes due to bankruptcies/M&A/size); program targets median cash and constrained equity dilution (grants between 25th–50th percentile) .
- Ownership and governance: Stock ownership guidelines enforced; anti‑pledging/hedging and 10b5‑1 pre‑clearance reduce misaligned trading behaviors .
Investment Implications
- Alignment: Corporate AIP is heavily weighted to MRD revenue and cash burn, directly tying pay to MRD commercialization outcomes; 2024 corporate factor at 105% indicates goals were set and achieved across MRD and strategic initiatives .
- Selling pressure: Prohibitions on pledging/hedging plus trading windows and 10b5‑1 frameworks reduce discretionary insider selling risk; executives face multi‑year RSU/option vesting that incentivizes retention .
- Retention and change‑in‑control: Double‑trigger CiC severance with immediate vesting of time‑based awards and 12 months salary + target bonus supports retention yet caps windfalls (no excise tax gross‑ups) .
- Execution risk: MRD momentum is strong (revenue +42% YoY; pricing and coverage advances), but company TSR lags peers; sustained MRD adoption and disciplined cash burn are key levers under Bobulsky’s remit to close the gap .