Company: ADPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030913
Chunk: 184

Company: Adaptive Biotechnologies Corp
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 184
---
        2029

        12,630

        Thereafter

        44,332

        Total undiscounted lease payments

        107,616

        Less: Imputed interest rate

        (18,229
        )

        Total operating lease liabilities

        89,387

        Less: Current portion

        (10,239
        )

        Operating lease liabilities, less current portion
         
        $
        79,148

       Operating lease expense was $9.6 million, $11.4 million and $12.4 million for the year ended December 31, 2024, 2023 and 2022, respectively. Variable lease expense for operating leases was $7.1 million, $7.1 million and $7.2 million for the year ended December 31, 2024, 2023 and 2022, respectively.Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2024 and 2023 was $13.7 million and $13.4 million, respectively. Cash paid for amounts included in the measurement of lease liabilities was $9.2 million, net of $5.2 million of cash received for tenant improvement allowances during the year ended December 31, 2022. 

11.Revenue Interest Purchase AgreementRevenue Interest Purchase Agreement In September 2022, we entered into the Purchase Agreement with OrbiMed Royalty & Credit Opportunities IV, LP (“OrbiMed”), an affiliate of OrbiMed Advisors LLC, as collateral agent and administrative agent for the purchasers party thereto (the “Purchasers”). Pursuant to the Purchase Agreement, we received $125.0 million from the Purchasers at closing (the “First Payment”), less certain transaction expenses. We are also entitled to receive up to $125.0 million in subsequent installments as follows: (i) $75.0 million upon our request occurring no later than September 12, 2025 (the “Second Payment”) and (ii) $50.0 million upon our request in connection with certain permitted acquisitions occurring no later than September 12, 2025 (the “Third Payment”), in each case subject to certain funding conditions. To secure our obligations under the Purchase Agreement, we and our subsidiaries have granted OrbiMed a security interest in our core platform technology assets, subject to certain customary exclusions, as defined in the Purchase Agreement.

109

Adaptive Biotechnologies