Company: ADPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030913
Chunk: 183

Company: Adaptive Biotechnologies Corp
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 183
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 with the lease, the landlord funded agreed-upon improvements. The landlord was solely responsible for the $2.4 million cost of such improvements. The lease agreement was amended in February 2020 to lease approximately 19,900 additional square feet and provides for a $0.6 million tenant improvement allowance. In 2024, as part of a restructuring, we vacated certain of the leased space in South San Francisco, California and incurred a related impairment charge. See Note 15, Restructurings for more information.  

108

Adaptive Biotechnologies CorporationNotes to Consolidated Financial Statements (Continued) 

In March 2021, we executed a lease to rent approximately 27,000 square feet of a warehouse in Bothell, Washington, which we classified as an operating lease upon commencement during the year ended December 31, 2021. Rent obligations commenced in October 2021 and the lease expires October 2031, subject to an early termination option after the seventh year and an option to twice extend the lease for five years. The lease requires us to pay certain operating expenses. Furthermore, the landlord agreed to fund $1.2 million in improvements in connection with this lease.As of December 31, 2024, we were not party to any finance leases. Our leases have remaining terms ranging from 1.2 years to 8.7 years and include options to extend certain of the leases up to 10.0 years and terminate certain of the leases after 7.0 years of leasing. We adjust lease terms for these options only when it is reasonably certain we will exercise these options.Other information related to our operating leases as of December 31, 2024 and 2023 was as follows: 

        December 31,

        2024

        2023

        Weighted-average remaining lease term (in years)

        8.06

        8.91

        Weighted-average discount rate

        4.6
        %

        4.6
        %
       
       The following table reconciles our undiscounted operating lease cash flows to our operating lease liabilities, less current portion balance on the consolidated balance sheet as of December 31, 2024 (in thousands): 

        2025
         
        $
        14,098

        2026

        12,330

        2027

        11,944

        2028

        12,282