ADPTAdaptive Biotechnologies Corp

Biological Products, (no Diagnostic Substances)

Revenue: $277M; 55% YoY
Operating margin: -20.6%; 77% YoY
EBITDA: −$41M; 72% YoY
Market cap: $4.2B
Employees: 624; $444K revenue each
Net debt / EBITDA: —; −$170M net debt
AI in 10-K: 4.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentYes
72% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$444K · 52nd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.1 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$129M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$154M	$185M	$170M	$179M	$277M	55%
Operating income	−$209M	−$200M	−$227M	−$163M	−$57M	65%
Net income	−$207M	−$200M	−$225M	−$159M	−$59M	63%
Operating cash flow	−$193M	−$184M	−$156M	−$95M	−$46M	52%
Capex	$62M	$16M	$11M	$4M	$3M	19%
Stock-based comp	$43M	$55M	$63M	$54M	$51M	4.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $129M · 167
Net: −$129M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$40M	27	125
FY2024	$5M	$8M	10	93
FY2023	$9M	$3M	8	94
FY2022	$9M	−$1M	13	90
FY2021	$9M	−$6M	47	100