Company: ADPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030913
Chunk: 222

Company: Adaptive Biotechnologies Corp
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 222
---
     
    2024

    2023

    $

    %
     
    2024

    2023

    General and administrative
     
    $
    72,806

    $
    83,934

    $
    (11,128
    )
     
    (13)%

    41
    %

    49
    %

The $11.1 million decrease in general and administrative expenses was primarily attributable to a $5.7 million decrease in personnel costs, a $3.0 million decrease in building, facility, overhead and depreciation related expenses largely driven by office space transitions made to support laboratory consolidation activities, a $1.8 million decrease in legal fees, a $1.1 million decrease in insurance costs and a $0.9 million decrease in consultant costs. These decreases were partially offset by a $1.7 million increase in third-party billing service fees.

Impairment of Long-Lived Assets

    Year Ended December 31,

    Change
     
    Percent of Revenue

    (in thousands, except percentages)
     
    2024

    2023

    $

    %
     
    2024

    2023

    Impairment of long-lived assets
     
    $
    7,205

    $
    25,429

    $
    (18,224
    )
     
    (72)%

    4
    %

    15
    %

    * Not applicable

The $18.2 million decrease in impairment of long-lived assets expenses was primarily due to a $25.4 million decrease in impairment costs related to us vacating certain leased space in Seattle, Washington in October 2023, which was partially offset by a $7.2 million increase in impairment costs resulting from various restructuring activities implemented in 2024.

Interest and Other Income, Net

    Year Ended December 31,

    Change

    (in thousands, except percentages)
     
    2024

    2023

    $

    %

    Interest and other income, net
     
    $
    14,534

    $
    15,531

    $
    (997
    )
     
    (6)%

The $1.0 million decrease in interest and other income, net was primarily attributable to a decrease in net interest income and investment amortization driven by decreased holdings of and interest rates pertaining to our cash, cash equivalents and market