Company: ADPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030913
Chunk: 220

Company: Adaptive Biotechnologies Corp
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 220
---
 resulted from decreased collaboration expenses and decreased revenue recognized from the $10.0 million regulatory milestone achieved in May 2023, and a $5.0 million decrease in revenue generated from our biopharmaceutical and academic customers. 

Cost of Revenue

    Year Ended December 31,

    Change
     
    Percent of Revenue

    (in thousands, except percentages)
     
    2024

    2023

    $

    %
     
    2024

    2023

    Cost of revenue
     
    $
    72,080

    $
    75,553

    $
    (3,473
    )
     
    (5)%

    40
    %

    44
    %

The $3.5 million decrease in cost of revenue was primarily attributable to a $10.4 million decrease in overhead costs, which was largely driven by laboratory relocation and consolidation activities. This decrease was partially offset by a $3.2 million increase related to higher usage of our production laboratory to process revenue samples versus research and development samples, a $2.8 million increase in cost of materials, $2.5 million of which resulted from increased revenue sample volume and $0.3 million of which was primarily related to an increase in inventory reserve expense, and a $0.4 million increase in shipping and handling expenses.

Research and Development

    Year Ended December 31,

    Change
     
    Percent of Revenue

    (in thousands, except percentages)
     
    2024

    2023

    $

    %
     
    2024

    2023

    Research and development
     
    $
    102,953

    $
    122,117

    $
    (19,164
    )
     
    (16)%

    58
    %

    72
    %

The following table presents disaggregated research and development expenses by cost classification for the periods presented: 

    Year Ended December 31,

    (in thousands)
     
    2024

    2023

    Change

    Research and development materials and allocated production laboratory expenses
     
    $
    15,844

    $
    20,243

    $
    (4,399
    )

    Personnel expenses

    62,742

    74,385

    (11,643
    )

    Allocable facilities and information technology expenses

    10