Company: ADPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030913
Chunk: 223

Company: Adaptive Biotechnologies Corp
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 223
---
able securities.

Interest Expense

    Year Ended December 31,

    Change

    (in thousands, except percentages)
     
    2024

    2023

    $

    %

    Interest expense
     
    $
    (11,580
    )
     
    $
    (13,800
    )
     
    $
    2,220

    (16)%

The $2.2 million decrease in interest expense was attributable to a change in our assumptions regarding the timeframe in which our Purchase Agreement will be fully repaid.

80

Segment Adjusted EBITDA

    Year Ended December 31,

    Change

    (in thousands, except percentages)
     
    2024

    2023

    $

    %

    MRD Adjusted EBITDA(1)
     
    $
    (41,223
    )
     
    $
    (88,844
    )
     
    $
    47,621

    (54)%

    Immune Medicine Adjusted EBITDA(1)

    (26,005
    )

    (14,128
    )

    (11,877
    )

    84

(1) Adjusted EBITDA is a non-GAAP financial measure. See “Adjusted EBITDA” below for an explanation of how it is calculated and used by management. Adjusted EBITDA related to our unallocated corporate category is included in the calculation of consolidated Adjusted EBITDA but not shown above in the breakout of segment Adjusted EBITDA.

The $47.6 million reduction in MRD Adjusted EBITDA deficit was primarily attributable to a $42.8 million increase in MRD revenue and a reduction in operating expenses, excluding those identified as reconciling items between net loss and adjusted EBITDA. The primary driver of the operating expense reduction relates to general and administrative activities.

The $11.9 million increase in Immune Medicine Adjusted EBITDA deficit was primarily attributable to a $34.1 million reduction in Immune Medicine revenue, which was partially offset by a reduction in operating expenses, excluding those identified as reconciling items between net loss and adjusted EBITDA. The primary driver of the operating expense reduction relates to research and development activities.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that we define as net loss attributable to Adaptive Biotechnologies Corporation adjusted for interest and other income, net, interest expense, income tax