Company: ADPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030913
Chunk: 7

Company: Adaptive Biotechnologies Corp
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1
Chunk 7
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 the IM business include supporting our partner, Genentech, Inc. (“Genentech”), in its development of TCR-based cell therapies in oncology and developing targeted therapies using our differentiated precision immunology approach in select autoimmune indications. 

The IM business leverages our proprietary ability to sequence, map, pair and characterize TCRs and B cell receptors (“BCRs”) at scale. We have created a powerful data engine to drive the development of novel therapies. These datasets, which we own, include more than 100,000 signatures of cancer and autoimmune disease and more than 2,000,000 matches of TCRs to disease-related antigens. 

We believe that by tapping into these datasets, there is tremendous value in the development of immune-based therapeutics. In cancer, we are working with Genentech under our worldwide collaboration and license agreement (the “Genentech Agreement”) to develop TCR-based cell therapies to treat patients with solid tumors. Our role is to discover and characterize TCRs against cancer antigens. In 2023, Genentech secured the first FDA-cleared investigational new drug (“IND”) for a cell therapy product candidate under the Genentech Agreement. This milestone established an important TCR-based cell therapy product candidate proof of concept that supports our antigen-specific TCR discovery approach. In autoimmunity, we apply our immune medicine platform to discover the specific T cells that are attacking ‘self’ or healthy tissue. We focus on select autoimmune indications, such as multiple sclerosis (“MS”) and type 1 diabetes (“T1D”), among others, where we believe there is still a high unmet need to develop better, more targeted therapies with a better side effect profile. In MS and T1D, for example, we have successfully identified the subset of autoreactive TCRs that are likely causing these devastating diseases. Therapeutically, our goal is to eliminate or block the activation of these problem T cells and directly stop them from attacking healthy tissue.

Selected 2024 Results

In 2024, our revenue was $179.0 million, compared to $170.3 million in 2023. The increase was primarily driven by the MRD business, partially offset by a reduction in revenue recognized by the IM business mainly attributed to a decline in the amortization of the upfront payment from Genentech. Our operating expenses were significantly reduced as a result of continued streamlining of our operations during the year. Operating expenses were $341.5 million in 2024,