Company: ADPT
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030913
Chunk: 157

Company: Adaptive Biotechnologies Corp
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 157
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 an input method based on costs incurred relative to the total estimated costs of research and development efforts. For the year ended December 31, 2024, total revenue recognized was $13.5 million and the related deferred revenue at December 31, 2024 totaled $41.3 million. Auditing management’s estimate of the total expected research and development costs at completion is complex and requires judgment as a result of the uncertainties of the ultimate development and commercialization decisions, which are controlled by Genentech.

    How We Addressed the Matter in Our Audit
    We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process to evaluate the likely path of future development based on significant decisions made by Genentech communicated through the joint committees and any resulting impacts on the total costs of research and development efforts for the collaboration. To test the estimate of total expected research and development costs, we performed audit procedures that included, among others, observing the quarterly meetings with accounting and the Company collaboration managers discussing the status of the collaboration and the likely path of future development. We also reviewed supporting documentation to corroborate progress and status of the collaboration, including meeting minutes or summaries from the joint committees.  

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2015.

Seattle, Washington

March 3, 2025

90

Adaptive Biotechnologies Corporation

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

    December 31,

    2024

    2023

    Assets

    Current assets

    Cash and cash equivalents
     
    $
    47,920

    $
    65,064

    Short-term marketable securities (amortized cost of $174,186 and $281,122, respectively)

    174,374

    281,337

    Accounts receivable, net

    41,731

    37,969

    Inventory

    8,440

    14,448

    Prepaid expenses and other current assets

    11,287

    11,370

    Total current assets

    283,752

    410,188

    Long-term assets

    Property and equipment, net

    48,616

    68,227

    Operating lease right-of-use assets

    45,767

    52,096

    Long-term marketable securities (am