Adaptive Biotechnologies (ADPT)

Executive Summary

Adaptive Biotechnologies is a public immune medicine company that leverages its proprietary Immune Medicine Platform to decode T-cell and B-cell receptor genetics for diagnostics and therapeutics. Its commercial product, clonoSEQ, is a CLIA-validated MRD test for hematologic cancers, providing a recurring revenue stream. The company's pipeline includes multiple Phase 2 trials, such as venetoclax-based combinations in CLL and mosunetuzumab in DLBCL, as well as pre-clinical programs. While clonoSEQ adoption drives near-term growth, the therapeutic pipeline offers long-term upside. Key risks include dependency on partnership support and competition in MRD testing.

Upcoming Catalysts (preview)

• Q4 2026FDA Expansion of clonoSEQ for New Indication (e.g., CLL MRD)60% success
• 2027Phase 2 Data Readout for Mosunetuzumab in DLBCL50% success
• 2026New Partnership or Licensing Deal for TCR-Based Therapeutics55% success