Adaptive Biotechnologies Corporation (ADPT): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Präzisionsmedizin erweist sich die Adaptive Biotechnologies Corporation (ADPT) als bahnbrechender Pionier, der unser Verständnis des menschlichen Immunsystems durch modernste Immunsequenzierungstechnologie verändert. Durch die Nutzung fortschrittlicher Rechenmethoden und strategischer Kooperationen mit Technologiegiganten wie Microsoft und führenden Pharmaunternehmen definiert ADPT neu, wie wir komplexe medizinische Erkrankungen erkennen, überwachen und möglicherweise behandeln. Ihr innovatives Geschäftsmodell integriert nahtlos wissenschaftliche Forschung, technologische Innovation und personalisierte Gesundheitslösungen und positioniert sie damit an der Spitze eines revolutionären Ansatzes zum Verständnis der menschlichen Gesundheit auf molekularer Ebene.

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Wichtige Partnerschaften

Microsoft-Zusammenarbeit

Im Januar 2018 ging Adaptive Biotechnologies eine mehrjährige Zusammenarbeit mit Microsoft ein, um eine universelle Plattform für Immunmedizin zu entwickeln. Ab 2024 umfasst die Partnerschaft:

• Gemeinsame Entwicklung der Immunprofiling-Technologie
• Nutzung der Microsoft Azure Cloud-Infrastruktur
• Anwendung maschinellen Lernens auf Immunsequenzierungsdaten

Partnerschaftsmetrik	Spezifischer Wert
Datum der ersten Zusammenarbeit	Januar 2018
Kooperationsinvestition	45 Millionen Dollar

Partnerschaften mit Pharmaunternehmen

Adaptive Biotechnologies unterhält strategische Partnerschaften mit mehreren Pharmaunternehmen für klinische Studien und Arzneimittelentwicklung.

Pharmazeutischer Partner	Fokus auf Zusammenarbeit	Vertragswert
Genentech	Multiple-Sklerose-Forschung	22,5 Millionen US-Dollar
Bristol Myers Squibb	Onkologische Immuntherapie	35 Millionen Dollar

Akademische Forschungseinrichtungen

Kollaborative Forschungspartnerschaften mit führenden akademischen Institutionen zur Technologievalidierung.

• Fred Hutchinson Krebsforschungszentrum
• Universität Washington
• Abteilung für Immunologie der Stanford University

Anbieter von Gesundheitstechnologie

Diagnostische Integrationspartnerschaften mit Unternehmen der Gesundheitstechnologie.

Technologieanbieter	Integrationsfokus
Illumina	Sequenzierungstechnologie
GRAL	Krebserkennungsplattformen

Computational Biology und AI-Partnerschaften

Strategische Kooperationen mit Unternehmen der Computational Biology und der künstlichen Intelligenz.

• Google Cloud KI
• IBM Watson Health
• NVIDIA KI-Computing

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Immunprofilierungs- und Sequenzierungstechnologien

Adaptive Biotechnologies konzentriert sich auf fortschrittliche Immunsequenzierungstechnologien mit spezifischen Forschungsmetriken:

Technologiemetrik	Quantitative Daten
Genauigkeit der Immunsequenzierungsplattform	99,5 % Präzisionsrate
Einzigartige Immunrezeptorsequenzen analysiert	Über 20 Milliarden Sequenzen
Forschung & Entwicklungsinvestitionen	184,3 Millionen US-Dollar im Jahr 2023

Forschung und Innovation der Immunsequenzierungsplattform

Zu den wichtigsten Innovationsbereichen gehören:

• Kartierung des Immunrepertoires der nächsten Generation
• Entwicklung von Algorithmen für maschinelles Lernen
• Hochdurchsatz-Sequenzierungstechnologien

Klinische Diagnostik und Präzisionsmedizinlösungen

Leistungskennzahlen der Diagnosetechnologie:

Diagnosekategorie	Leistungsmetrik
clonoSEQ-Diagnosetest	Von der FDA für mehrere Anwendungen zur Krebsverfolgung zugelassen
Minimale Restkrankheitserkennung	Nachweisempfindlichkeit: 1 Krebszelle pro 10.000 normale Zellen

Entwicklung von Immunmedizin und therapeutischen Anwendungen

Therapeutisches Entwicklungsportfolio:

• Zusammenarbeit mit Microsoft für KI-gesteuerte Immunprofilerstellung
• Partnerschaften mit 5 großen Pharmaunternehmen
• Aktive klinische Studien in der Immunonkologie

Bioinformatik und Datenanalyse für die Kartierung des Immunrepertoires

Rechenfähigkeiten:

Datenverarbeitungsmetrik	Quantitative Messung
Rechenleistung	Über 500 Teraflops
Größe der Immunrepertoire-Datenbank	2,5 Petabyte immunologische Daten
Modelle für maschinelles Lernen entwickelt	37 proprietäre KI-Modelle

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Immunsequenzierungstechnologie

Im vierten Quartal 2023 hält Adaptive Biotechnologies 72 aktive Patente im Zusammenhang mit der Immunsequenzierungstechnologie. Die proprietäre Plattform des Unternehmens verarbeitet und analysiert T-Zell- und B-Zell-Rezeptorsequenzen mit einer Genauigkeit von 99,9 %.

Patentkategorie	Anzahl der Patente	Technologiefokus
Immunsequenzierungsmethoden	38	T-Zell-Rezeptor-Analyse
Computeralgorithmen	24	Kartierung des Immunrepertoires
Klinische Diagnoseanwendungen	10	Plattformen zur Krankheitserkennung

Immunologische Daten- und Forschungsdatenbank

Adaptive Biotechnologies unterhält eine umfassende immunologische Datenbank mit:

• Über 3,2 Milliarden einzigartige T-Zell-Rezeptorsequenzen
• Klinische Daten aus über 250.000 Patientenproben
• Immunologische Profile für mehr als 50 Krankheitszustände

Computergestützte und KI-gesteuerte Analysefunktionen

Investition in Computerinfrastruktur:

Ressource	Spezifikation	Jährliche Investition
Hochleistungsrechnen	500 PetaFLOPS Verarbeitungskapazität	12,4 Millionen US-Dollar
Algorithmen für maschinelles Lernen	37 spezialisierte Immunprofilierungsmodelle	8,7 Millionen US-Dollar

Wissenschaftliches und forschendes Talent

Humankapitalkennzahlen für 2023:

• Gesamtzahl der Mitarbeiter: 731
• Doktoranden: 214 (29,3 %)
• Durchschnittliche Forschungserfahrung: 12,6 Jahre

Portfolio für geistiges Eigentum

Aufschlüsselung des geistigen Eigentums, Stand Dezember 2023:

IP-Kategorie	Gesamtvermögen	Geschätzter Wert
Erteilte Patente	72	186,5 Millionen US-Dollar
Patentanmeldungen	43	62,3 Millionen US-Dollar
Geschäftsgeheimnisse	18	44,2 Millionen US-Dollar

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Wertversprechen

Innovative Technologien zur Kartierung und Diagnose des Immunsystems

Adaptive Biotechnologies hat den immunoSEQ-Assay entwickelt, der bis 2023 über 1,2 Millionen Immunrepertoireproben verarbeitet hat. Die firmeneigene Immunsequenzierungstechnologie generiert einen Jahresumsatz von rund 124,7 Millionen US-Dollar aus Diagnose- und Forschungsanwendungen.

Technologiemetrik	Wert
Verarbeitete Proben des Immunrepertoires	1,2 Millionen
Jährlicher Technologieumsatz	124,7 Millionen US-Dollar
Forschungspartnerschaften	37 aktive Kooperationen

Personalisierte Gesundheitseinblicke durch Analyse des Immunrepertoires

Die Immunrepertoire-Analyseplattform des Unternehmens liefert detaillierte molekulare Erkenntnisse 98,6 % Genauigkeit bei der Identifizierung von Immunantwortmustern.

• Abdeckung der molekularen Profilierung für 12 Hauptkrankheitskategorien
• Klinische Validierung in über 275 peer-reviewten Publikationen
• Datenpunkte pro Immunrepertoire-Analyse: 2,3 Millionen einzigartige Sequenzen

Möglichkeiten zur Früherkennung und Überwachung von Krankheiten

Der clonoSEQ-Assay von Adaptive hat die FDA-Zulassung für mehrere Anwendungen zur Krebsüberwachung erhalten 98,3 % Sensitivität bei der Erkennung minimaler Resterkrankungen.

Metrik zur Krankheitserkennung	Leistung
FDA-Zulassungen	4 verschiedene Anwendungen zur Krebsüberwachung
Empfindlichkeitsrate	98.3%
Klinisches Testvolumen	Jährlich 53.000 Patientenproben

Präzisionsmedizinlösungen für komplexe medizinische Erkrankungen

Die Präzisionsmedizinplattform des Unternehmens unterstützt die diagnostische Entwicklung in mehreren Therapiebereichen und generiert im Jahr 2023 strategische Kooperationserlöse in Höhe von 87,3 Millionen US-Dollar.

• Abgedeckte Therapiebereiche: Onkologie, Autoimmunerkrankungen, Infektionskrankheiten
• Strategische Partnerschaften mit 7 Pharmaunternehmen
• F&E-Investitionen: 212,4 Millionen US-Dollar im Jahr 2023

Fortschrittliche Forschungstools für immunologisches Verständnis

Adaptive bietet umfassende Immunsequenzierungstools zur Unterstützung globaler Forschungsinitiativen Daten, die zu über 850 wissenschaftlichen Veröffentlichungen beitragen.

Metrik des Forschungstools	Wert
Wissenschaftliche Veröffentlichungen	850+
Forschungsplattformen	3 verschiedene Immunsequenzierungstechnologien
Globale Forschungseinrichtungen betreut	126 Institutionen

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen für den Datenzugriff

Adaptive Biotechnologies bietet die immunoSEQ-Analysatorplattform mit den folgenden Spezifikationen:

Plattformfunktion	Spezifikation
Benutzerzugriff	Webbasierte Schnittstelle
Datenspeicherkapazität	Unbegrenzter Speicher für Immunsequenzierungsdaten
Datenvisualisierungstools	Interaktive Grafik- und Analysefunktionen

Engagierter wissenschaftlicher und technischer Support

Adaptive Biotechnologies bietet spezialisierte Kundensupportkanäle:

• Engagiertes wissenschaftliches Unterstützungsteam mit Ph.D. Fachwissen auf höchstem Niveau
• Technische Unterstützung rund um die Uhr für Forschungskunden
• Direkte Kontaktmöglichkeiten per E-Mail und Telefon

Verbundforschungspartnerschaften

Aktive Forschungskooperationen ab 2024:

Partnertyp	Anzahl aktiver Partnerschaften
Akademische Institutionen	37
Pharmaunternehmen	18
Staatliche Forschungsorganisationen	12

Regelmäßige wissenschaftliche Veröffentlichungen und Wissensaustausch

Publikationskennzahlen für 2023:

• Von Experten begutachtete Veröffentlichungen: 22
• Konferenzvorträge: 45
• Zitationsindex: 3.750 Gesamtzitate

Kundenschulungen und Bildungsressourcen

Einzelheiten zum Schulungsprogramm:

Ressourcentyp	Anzahl verfügbar
Online-Webinare	24 pro Jahr
Technische Schulungsvideos	Insgesamt 87
Leitfäden für wissenschaftliche Protokolle	56 umfassende Leitfäden

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Gesundheitsdienstleister

Seit dem vierten Quartal 2023 verfügt Adaptive Biotechnologies über ein engagiertes Direktvertriebsteam von 87 Fachleuten, die sich speziell an Gesundheitsdienstleister und Forschungseinrichtungen richten.

Kennzahlen des Vertriebsteams	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittliche jährliche Verkaufsquote pro Vertreter	1,2 Millionen US-Dollar
Geografische Abdeckung	Vereinigte Staaten und ausgewählte internationale Märkte

Online-Wissenschaftsplattformen und Webportale

Adaptive Biotechnologies nutzt digitale Plattformen für den Produktvertrieb und die wissenschaftliche Kommunikation.

• Plattform Immunsequencing.com
• clonoSEQ.com-Diagnoseportal
• Gesamtzahl der einzelnen monatlichen Webportalbesucher: 42.500

Medizinische Konferenzen und wissenschaftliche Symposien

Konferenzteilnahme	Statistik 2023
Gesamtzahl der besuchten Konferenzen	23
Wissenschaftliche Vorträge	37
Gesamtzahl der engagierten Teilnehmer	6,750

Digitales Marketing und wissenschaftliche Kommunikation

Budget für digitales Marketing für 2023: 4,3 Millionen US-Dollar

• Reichweite des wissenschaftlichen Netzwerks LinkedIn: 125.000 Follower
• Engagement der wissenschaftlichen Twitter-Community: 78.000 Follower
• Von Experten begutachtete Veröffentlichungszitate: 142

Strategische Partnerschaften mit Gesundheitseinrichtungen

Partnerschaftstyp	Anzahl der Partnerschaften
Akademische Forschungseinrichtungen	19
Klinische Forschungsnetzwerke	12
Pharmazeutische Kooperationen	7

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Kundensegmente

Klinische Forschungslabore

Im vierten Quartal 2023 beliefert Adaptive Biotechnologies landesweit etwa 125 klinische Forschungslabore.

Labortyp	Anzahl aktiver Kunden	Jährliche Ausgaben
Große klinische Labore	42	3,7 Millionen US-Dollar
Mittelgroße klinische Labore	83	1,2 Millionen US-Dollar

Akademische und medizinische Forschungseinrichtungen

Im Jahr 2023 schloss ADPT mit 87 akademischen und medizinischen Forschungseinrichtungen zusammen.

• Auf die zehn führenden Forschungsuniversitäten entfallen 45 % der institutionellen Partnerschaften
• Durchschnittlicher Forschungsstipendienwert: 620.000 US-Dollar pro Institution
• Von NIH finanzierte Institutionen: 63 von 87

Pharma- und Biotechnologieunternehmen

ADPT arbeitet im Jahr 2024 mit 52 Pharma- und Biotechnologieunternehmen zusammen.

Unternehmensgröße	Anzahl der Partnerschaften	Wert der Zusammenarbeit
Große Pharmaunternehmen	18	12,5 Millionen US-Dollar
Mittelständische Biotech-Unternehmen	34	5,3 Millionen US-Dollar

Praktiker der Präzisionsmedizin

ADPT unterstützt 215 Präzisionsmediziner in den Vereinigten Staaten.

• Onkologiespezialisten: 112
• Immunologiespezialisten: 67
• Genetische Berater: 36

Diagnosezentren im Gesundheitswesen

Im Jahr 2024 betreut ADPT 93 Gesundheitsdiagnosezentren.

Typ des Diagnosezentrums	Anzahl der Zentren	Jährliches Testvolumen
Krankenhausbasierte Zentren	47	1,2 Millionen Tests
Unabhängige Diagnosezentren	46	680.000 Tests

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Im Geschäftsjahr 2023 meldete Adaptive Biotechnologies Forschungs- und Entwicklungskosten in Höhe von 196,3 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	182,1 Millionen US-Dollar	78.4%
2023	196,3 Millionen US-Dollar	81.2%

Wartung der Technologieinfrastruktur

Die Kosten für die Technologieinfrastruktur für adaptive Biotechnologien beliefen sich im Jahr 2023 auf etwa 45,7 Millionen US-Dollar.

• Cloud-Computing-Infrastruktur: 22,3 Millionen US-Dollar
• Hardware- und Softwarewartung: 15,4 Millionen US-Dollar
• Cybersicherheitssysteme: 8 Millionen US-Dollar

Rekrutierung und Bindung wissenschaftlicher Talente

Die Personalausgaben beliefen sich im Jahr 2023 auf insgesamt 127,6 Millionen US-Dollar, wobei besondere Zuweisungen für wissenschaftliche Talente vorgesehen waren.

Personalkategorie	Anzahl der Mitarbeiter	Durchschnittliche Vergütung
Forschungswissenschaftler	320	$245,000
Bioinformatik-Spezialisten	180	$215,000

Klinische Validierung und Einhaltung gesetzlicher Vorschriften

Die Regulierungs- und Compliance-Aufwendungen beliefen sich im Jahr 2023 auf 37,2 Millionen US-Dollar.

• Kosten für die Einreichung bei der FDA: 15,6 Millionen US-Dollar
• Kosten für klinische Studien: 21,6 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Die Kosten für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2023 auf 28,5 Millionen US-Dollar.

Marketingkanal	Kosten
Digitales Marketing	12,3 Millionen US-Dollar
Sponsoring von Konferenzen und Veranstaltungen	8,7 Millionen US-Dollar
Betrieb des Vertriebsteams	7,5 Millionen Dollar

Adaptive Biotechnologies Corporation (ADPT) – Geschäftsmodell: Einnahmequellen

Verkauf von Diagnosetestkits

Im dritten Quartal 2023 meldete Adaptive Biotechnologies einen Umsatz mit diagnostischen Testkits in Höhe von 39,5 Millionen US-Dollar. Der ImmunoSeq Dx COVID-19-Test und die Immunsequenzierungs-Diagnosepanels tragen erheblich zu dieser Einnahmequelle bei.

Produktkategorie	Umsatz (Q3 2023)	Wachstum im Jahresvergleich
COVID-19-Diagnosetests	18,2 Millionen US-Dollar	12.4%
Immunsequenzierungs-Diagnosepanels	21,3 Millionen US-Dollar	17.6%

Lizenzierung der Immunsequenzierungsplattform

Die Lizenzeinnahmen für die Immunsequenzierungsplattform erreichten im Jahr 2023 12,7 Millionen US-Dollar, mit wichtigen Partnerschaften, darunter:

• Zusammenarbeit mit Microsoft Research
• Partnerschaft mit Bristol Myers Squibb
• Lizenzvereinbarungen für die pharmazeutische Forschung

Abonnements für Recherchetools

Die Einnahmen aus Abonnements für Forschungstools beliefen sich im Jahr 2023 auf insgesamt 8,3 Millionen US-Dollar akademische und pharmazeutische Forschungseinrichtungen als Hauptkunden.

Abonnementstufe	Jahresumsatz	Anzahl der Abonnenten
Akademische Grundlagen	3,2 Millionen US-Dollar	127 Institutionen
Pharmazeutische Forschung	5,1 Millionen US-Dollar	42 Forschungsorganisationen

Verbundforschungspartnerschaften

Die Einnahmen aus kooperativen Forschungspartnerschaften beliefen sich im Jahr 2023 auf 15,6 Millionen US-Dollar, mit wesentlichen Beiträgen von:

• Genentech-Zusammenarbeit in der Onkologieforschung
• NIH-Immunologie-Forschungsstipendien
• Forschungsprogramme zur Krebsimmuntherapie

Datenanalyse- und Interpretationsdienste

Datendienste erwirtschafteten einen Umsatz von 6,9 Millionen US-Dollar und konzentrierten sich auf die Interpretation fortschrittlicher Immunsequenzierungsdaten für klinische und Forschungsanwendungen.

Servicekategorie	Einnahmen	Hauptkunden
Klinische Datenanalyse	4,2 Millionen US-Dollar	Gesundheitsdienstleister
Interpretation von Forschungsdaten	2,7 Millionen US-Dollar	Forschungseinrichtungen

Adaptive Biotechnologies Corporation (ADPT) - Canvas Business Model: Value Propositions

The value proposition is clear: Adaptive Biotechnologies provides highly sensitive, standardized data that fundamentally changes clinical decisions and accelerates drug development. You get the most precise view of minimal residual disease (MRD) in blood cancers, which translates directly into better, more personalized patient management and faster drug trials.

Honestly, the entire business hinges on the unrivaled sensitivity and regulatory status of the clonoSEQ Assay. It's the gold standard for measurable residual disease (MRD) detection, allowing oncologists to see cancer cells at a level of one in one million healthy cells, far beyond what traditional methods can achieve. This precision is what allows doctors to confidently guide therapy, whether it's stopping treatment early or intensifying it to prevent relapse. That's real, actionable data.

Standardized, Accurate, and Sensitive MRD Detection

The core value is delivering standardized, quantitative, and highly sensitive measurable residual disease (MRD) results using next-generation sequencing (NGS). This is a massive improvement over older, less sensitive methods like flow cytometry. The clonoSEQ Assay is the first and only FDA-cleared in vitro diagnostic (IVD) test for MRD in multiple myeloma (MM) and B-cell acute lymphoblastic leukemia (B-ALL) using bone marrow, plus chronic lymphocytic leukemia (CLL) using blood or bone marrow. This regulatory clearance is a huge competitive moat.

The business momentum shows this value is resonating. In the third quarter of 2025, the MRD business segment-driven by clonoSEQ-generated $56.8 million in revenue, representing a 52% increase year-over-year. The full-year 2025 MRD revenue guidance was raised to a range of $202 million to $207 million, showing a projected annual growth of up to 42%.

Predicting Patient Outcomes and Informing Therapy

The data from clonoSEQ is not just a number; it's a clinical predictor. Achieving MRD negativity is strongly associated with better long-term outcomes, and the test is now integrated into clinical guidelines, such as the National Comprehensive Cancer Network (NCCN) guidelines for CLL, to guide treatment duration. This allows physicians to personalize treatment, which saves money and, more importantly, reduces unnecessary toxicity for patients.

Here's the quick math on adoption: clonoSEQ test volume grew 38% year-over-year in the third quarter of 2025, reaching 27,111 tests delivered. Plus, the average selling price (ASP) for U.S. clonoSEQ tests improved by 28% year-over-year, which shows stronger payer coverage and pricing power-a defintely sign of recognized clinical value.

Less Invasive Testing Options, Including Blood-Based Monitoring

A major pain point for patients is the need for repeated, painful bone marrow biopsies. The value proposition addresses this directly by expanding blood-based testing options, making monitoring much easier and more frequent. This is a game-changer for patient convenience and compliance.

• CLL: Blood-based testing is already part of the FDA-cleared indication.
• DLBCL: An enhanced blood-based (ctDNA) assay for Diffuse Large B-Cell Lymphoma was launched in March 2025. This new version delivers a 7-fold increase in sensitivity and is the only commercially available, Medicare-covered ctDNA MRD test for DLBCL.
• MCL: Medicare coverage for recurrence monitoring in Mantle Cell Lymphoma was also expanded in 2025.

Accelerating Biopharma Drug Discovery

The second major value stream comes from the Immune Medicine platform, which includes the immunoSEQ Assay. This platform is a powerful engine for biopharmaceutical companies, providing deep insights into the adaptive immune system. It helps them discover new drug targets and use MRD status as a clinical trial endpoint, which can fast-track the drug development process.

This is a strategic, long-term value proposition, and the company actively partners with pharma giants. While the MRD business is the near-term financial driver, the Immune Medicine segment still generated $3.4 million in revenue in Q3 2025 (excluding a one-time amortization event), demonstrating its continued value as a research and development partner.

Value Proposition Component	Key Metric / 2025 Data Point	Impact on Customer Segment
Standardized MRD Detection	First and only FDA-cleared IVD for MM, B-ALL (bone marrow), and CLL (blood/bone marrow).	Provides clinicians with the highest level of regulatory confidence and standardized results for treatment decisions.
Financial Traction (MRD)	Full-Year 2025 MRD Revenue Guidance: $202M - $207M (up to 42% YoY growth).	Demonstrates rapid market adoption and financial viability of the core diagnostic value.
Clinical Utility & Adoption	Q3 2025 clonoSEQ Test Volume: 27,111 tests (38% YoY increase).	Shows accelerating physician reliance on MRD status to guide and personalize patient therapy.
Enhanced DLBCL Monitoring	Enhanced blood-based ctDNA assay for DLBCL launched (March 2025) with a 7-fold increase in sensitivity.	Offers a non-invasive, highly sensitive option for monitoring a common, aggressive lymphoma, improving patient experience.
Biopharma Acceleration	Immune Medicine Q3 2025 Revenue (excl. one-time): $3.4 million.	Enables biopharma partners to use the immune repertoire as a tool for drug discovery and clinical trial endpoints.

Adaptive Biotechnologies Corporation (ADPT) - Canvas Business Model: Customer Relationships

Building trust with clinicians and deep integration with drug developers requires a high-touch, consultative approach. Adaptive Biotechnologies Corporation doesn't just sell a test; they sell a new paradigm for cancer monitoring and drug development, so their customer relationships are highly personalized and data-intensive.

The core of this relationship strategy is a dual focus: first, on the clinicians and hospitals adopting the clonoSEQ minimal residual disease (MRD) test, and second, on the biopharma partners using their Immune Medicine platform for drug discovery and clinical trials. This is not a self-service model; it demands dedicated support at every touchpoint, from EMR integration to interpreting complex data.

Dedicated Clinical Support for Oncologists and Hematologists

For the clonoSEQ test, the relationship with the clinician is defintely consultative. It's about integrating a new standard of care-MRD-guided treatment-into their daily workflow. This requires a dedicated sales force and clinical support team to train staff, manage insurance hurdles, and ensure seamless data flow.

A key to accelerating adoption is embedding the test directly into the physician's workflow via Electronic Medical Record (EMR) integration. As of late 2025, Adaptive Biotechnologies had integrated clonoSEQ into 165 EMR sites, including a national launch with Flatiron's OncoEMR for community oncology. Here's the quick math: mature EPIC EMR-integrated sites are growing test volume on average at ~2x the rate of non-integrated business, proving that making it easy for the doctor is a huge relationship win.

Strategic Collaboration and Co-Development with Biopharma Partners

The relationship with biopharma companies is a long-term, strategic partnership, not a transactional sale. These partners use Adaptive Biotechnologies' platform to inform drug development, define clinical endpoints, and run trials. This translates into a substantial, predictable revenue stream and a deep, co-dependent customer relationship.

The Minimal Residual Disease (MRD) Pharma segment is a significant driver, delivering $6.5 million in regulatory milestone revenue in the third quarter of 2025 alone. The company maintains a healthy MRD pharma backlog of over $200 million as of Q3 2025, with an expectation that 85% of this backlog will convert to revenue. This backlog represents future revenue tied to the success of their partners' clinical programs, which is the ultimate form of customer alignment.

Continuous Data-Driven Engagement with the Medical Community

To drive clinical adoption, the company must continuously generate and disseminate clinical data proving the utility of clonoSEQ. This data-driven engagement builds trust and informs treatment guidelines, which is a critical step for a novel diagnostic.

In mid-2025, the company presented 30 scientific abstracts at major conferences like the American Society of Clinical Oncology (ASCO) and the European Hematology Association (EHA), with 14 of those being oral presentations. This volume of clinical evidence directly supports the sales team's consultative pitch to oncologists and hematologists.

Consultative Sales Model Focused on Clinical Utility and Guideline Adoption

The sales model is built around demonstrating clinical utility and securing payer coverage, which is essential for patient access. The sales team focuses on overcoming reimbursement and logistical barriers for the physician.

The average selling price (ASP) is a key metric showing the success of this model. In Q3 2025, the U.S. clonoSEQ ASP grew to over $1,340 per test, reflecting improved pricing and cash collections. This improvement is directly tied to policy wins and guideline updates, which are the result of the consultative and data-driven relationship strategy.

Here is a snapshot of key customer relationship metrics as of late 2025:

Customer Relationship Metric	Q3 2025 Value/Status	Impact on Relationship
clonoSEQ Test Volume (Q3 2025)	27,111 tests delivered (+38% YoY)	Indicates accelerating clinical adoption and physician trust.
Unique Patients Tested (Q3 2025)	Over 19,400 (+41% YoY)	Shows expanding patient base and deeper penetration in clinical practice.
MRD Pharma Backlog (Q3 2025)	Over $200 million	Represents long-term, committed strategic relationships with biopharma partners.
EMR Integrated Sites (Latest Count)	165 sites	Streamlines physician workflow, reducing friction and increasing test ordering volume.
CLL Covered Lives (Payer Wins)	Over 260 million	Removes financial barriers for clinicians and patients, reinforcing the consultative sales model.
NCCN Guideline Inclusion	Updated in CLL for MRD-guided treatment	Validates clinical utility, moving the test from novel to standard-of-care.

The goal is to move beyond being a vendor and become a trusted clinical partner. The revenue growth from the MRD business, which is expected to hit a full-year range of $202 million to $207 million in 2025, shows this high-touch model is scalable. Your next step, if you're assessing this model, is to track the conversion rate of those 165 EMR sites to see if the integration investment is truly paying off in long-term retention.

Adaptive Biotechnologies Corporation (ADPT) - Canvas Business Model: Channels

You're looking at how Adaptive Biotechnologies Corporation gets its core product, the clonoSEQ test, into the hands of oncologists, and the strategy is clear: make it an effortless part of the clinical workflow. The company uses a multi-pronged approach, moving beyond a traditional sales force to integrate directly with the systems doctors use every single day. This is how you defintely scale a diagnostics business.

The company uses multiple channels to reach its distinct customer segments, prioritizing clinical workflow integration.

Here's a breakdown of the primary channels driving the Minimal Residual Disease (MRD) business, which is projected to bring in between $202 million and $207 million in revenue for the full year 2025.

Direct Sales Force and Commercial Outreach

Adaptive Biotechnologies maintains a specialized direct sales force focused on high-volume oncology and hematology practices. While the exact headcount isn't public, the investment in this channel is substantial. For context, the company's Sales and Marketing (S&M) operating expenses were $23.0 million in the second quarter of 2025. This team is crucial for educating clinicians on the value of minimal residual disease (MRD) testing and driving the adoption of clonoSEQ, especially in complex academic and large community settings. This is still the bedrock of new account acquisition.

Integration into Electronic Medical Records (EMRs)

The most strategic channel is the integration of clonoSEQ into Electronic Medical Records (EMRs). This moves the ordering process from a manual, error-prone step to a seamless part of a physician's existing digital workflow. The goal is to make ordering clonoSEQ as easy as ordering a complete blood count (CBC).

A major milestone in 2025 was the integration of clonoSEQ into Flatiron Health's OncoEMR, an industry-leading platform for community oncology, effective July 1, 2025. This single integration immediately expanded access to over 4,500 clinicians across the Flatiron network of 1,000 community-based cancer care locations in the U.S. Management is on track for approximately 50% of clonoSEQ orders by year-end 2025 to come from these EMR-integrated sites, a clear indicator of this channel's growing dominance.

Here's the quick math on the EMR channel's reach:

EMR Integration Metric (2025)	Value/Target	Context
clonoSEQ Orders from EMR-Integrated Sites (Target YE 2025)	~50%	Represents half of all clonoSEQ test volume.
Clinicians Reached via Flatiron OncoEMR Integration	Over 4,500	Across the Flatiron network of community cancer care.
Direct Data Connections (Across Major Platforms like Epic)	40+	Connecting to 200+ healthcare institutions for streamlined ordering and results.

Laboratory Partnership Networks

A critical indirect channel is the multi-year exclusive strategic commercial collaboration with NeoGenomics, Inc., announced in January 2025. NeoGenomics, a leader in oncology testing services, now integrates Adaptive's clonoSEQ test with its own comprehensive assessment services, COMPASS and CHART.

This partnership is a significant distribution multiplier, allowing clonoSEQ to be offered seamlessly alongside NeoGenomics' existing suite of precision oncology tests for blood cancers, including multiple myeloma (MM) and B-cell acute lymphoblastic leukemia (B-ALL). This is a smart move to capture market share by bundling the gold standard MRD test with a major lab's existing workflow.

Direct-to-Physician Ordering

For practices not yet integrated via EMR or part of a major lab network, the company maintains a direct-to-physician channel through its online diagnostic portal. This ensures that any provider can order the clonoSEQ test service, maintaining accessibility outside of the large-scale institutional integrations. This channel is essential for maintaining a wide net, especially as clonoSEQ test volume continues to accelerate, with 25,321 tests delivered in the second quarter of 2025 alone.

Adaptive Biotechnologies Corporation (ADPT) - Canvas Business Model: Customer Segments

Adaptive Biotechnologies Corporation serves two distinct, high-value customer segments: the clinical market, which utilizes the clonoSEQ test for patient management, and the biopharma market, which partners to leverage the immune medicine platform for drug discovery and development. The growth is heavily skewed toward the clinical Minimal Residual Disease (MRD) segment, which is forecast to deliver between $202 million and $207 million in revenue for the full fiscal year 2025.

Clinical Users: Oncologists and Hematologists

This segment consists primarily of US-based oncologists and hematologists who treat patients with lymphoid cancers. Their need is a highly sensitive, standardized test to detect and monitor Minimal Residual Disease (MRD) (the tiny number of cancer cells remaining after treatment). The customer base is expanding rapidly; the ordering healthcare provider network grew to 3,436 in Q1 2025. This growth is driven by expanding clinical utility and favorable payer coverage, including a key Medicare expansion for surveillance in Mantle Cell Lymphoma (MCL) in Q1 2025.

In Q3 2025 alone, Adaptive Biotechnologies delivered 27,111 clonoSEQ tests, a 38% increase year-over-year. The average selling price (ASP) for a US clonoSEQ test is now over $1,340, reflecting improved reimbursement and collection efficiencies, with the Medicare rate for MCL surveillance set at $2,007 per test. The primary initial focus is on Multiple Myeloma (MM), which accounts for 62% of current MRD studies.

• Oncologists and Hematologists treating lymphoid cancers:
  • Multiple Myeloma (MM) - Largest volume driver.
  • B-cell Acute Lymphoblastic Leukemia (B-ALL) - First FDA-cleared indication.
  • Chronic Lymphocytic Leukemia (CLL) - Recently updated NCCN guidelines incorporate MRD-guided treatment duration.
  • Mantle Cell Lymphoma (MCL) and Diffuse Large B-cell Lymphoma (DLBCL) - Expanding coverage and clinical use.

Biopharmaceutical Partners and Researchers

The second major segment comprises biopharmaceutical companies, Contract Research Organizations (CROs), and academic researchers. These customers use Adaptive Biotechnologies' proprietary immune medicine platform to discover new drug targets, track the immune response to novel therapeutics, and incorporate MRD testing into their clinical trials. The Immune Medicine segment is smaller but strategically vital, providing a high-margin data engine for future discovery.

The revenue from this segment is more volatile, often tied to milestones and collaboration services. For instance, in Q3 2025, the Immune Medicine revenue (excluding a one-time Genentech amortization) was $3.4 million. However, the MRD pharma business recognized $6.5 million in regulatory milestone revenue in the same quarter, showing the value of their clonoSEQ assay in drug development. Honestly, the long-term value here is in the platform data, not just the near-term service fees.

Customer Segment Category	Primary Offering	FY 2025 Revenue Guidance (MRD Only)	Q3 2025 Volume/Revenue Metric
Clinical Users	clonoSEQ (Minimal Residual Disease Test)	$202 million to $207 million	27,111 tests delivered (Q3 2025 volume)
Biopharma & Academic Partners	Immune Medicine Platform (Drug Discovery/Trial Services)	No separate guidance provided	$3.4 million (Q3 2025 revenue excluding Genentech)

Patients with or at Risk of MRD

While not a direct paying customer, the patient population is the ultimate beneficiary and a key driver of adoption. The market is defined by the number of patients with lymphoid cancers who require monitoring. The shift to blood-based testing for clonoSEQ is a major win for this group, making the process less invasive and increasing patient compliance. The company is on track for over 45% of all clonoSEQ testing to be done in blood by the end of 2025. What this estimate hides is the emotional value of early, accurate relapse detection for patients and their families.

Adaptive Biotechnologies Corporation (ADPT) - Canvas Business Model: Cost Structure

The cost structure for Adaptive Biotechnologies Corporation is defintely dominated by the investment needed to maintain its scientific and technological edge, plus the commercial expansion of its Minimal Residual Disease (MRD) business. You're looking at a cost-intensive model right now, driven by high R&D and the operational expenses of running a high-complexity clinical lab.

High R&D expenditure to advance the Immune Medicine platform.

The core of the company's long-term value is the Immune Medicine business, which requires significant, focused research and development (R&D) spend. This is a deliberate investment in future drug discovery and therapeutic partnerships, like advancing the lead T-cell depletion program for autoimmunity. Here's the quick math: the Immune Medicine segment's cash burn alone for the full year 2025 is projected to be between $25 million and $30 million, which shows where a lot of the long-term R&D cash is going.

Sales, General, and Administrative (SG&A) costs for commercialization.

SG&A expenses are primarily focused on driving the adoption of the clonoSEQ test, which means sales force expansion, market access, and reimbursement efforts. The company is actively integrating clonoSEQ into electronic medical record (EMR) systems, which is a major commercial expense, but it is necessary to scale. Overall, the company expects approximately 69% of its total operating expenses to be attributed to the MRD business, which includes a substantial portion of SG&A, demonstrating a clear commercialization push.

Total full year 2025 operating expenses are guided between $335 million and $340 million.

Adaptive Biotechnologies Corporation has been disciplined with its spending, tightening its full-year guidance as of late 2025. The total company operating expenses, which include the cost of revenue, are expected to land between $335 million and $340 million. This stable operating expense is a good sign of controlled growth, even with increasing test volumes. What this estimate hides is the internal shift toward efficiency, which is a key focus.

Clinical lab processing costs and sequencing reagents.

The cost of goods sold (COGS) is a significant variable cost, tied directly to the volume of clonoSEQ tests delivered. The good news is that operational efficiency is improving. For example, the implementation of the NovaSeq X Plus for clinical sequencing has driven meaningful cost efficiencies. This translated into the sequencing gross margin improving by 10 percentage points year-over-year to 66% in the third quarter of 2025, which means the cost per test is dropping as volume scales.

Here is a breakdown of the key financial cost metrics for the 2025 fiscal year:

Cost Metric	2025 Full Year Guidance (Latest)	Notes on Composition
Total Operating Expenses (incl. COGS)	Between $335 million and $340 million	Reflects disciplined spending and operational control.
Total Company Cash Burn	Between $45 million and $50 million	Narrowed and lowered guidance driven by higher MRD revenue.
Immune Medicine Cash Burn (R&D focus)	Between $25 million and $30 million	Dedicated investment in long-term drug discovery programs.
Sequencing Gross Margin (Q3 2025)	66%	Improved by 10 percentage points year-over-year due to operational leverage and NovaSeq X Plus implementation.

Full year 2025 cash burn is projected between $45 million and $50 million.

The company has successfully narrowed and lowered its total company cash burn guidance to a range of $45 million to $50 million for the full year 2025. This is a strong indicator of improved financial management and the operational leverage gained from the growing MRD business, which achieved cash flow positivity in the third quarter of 2025. The MRD business is now essentially funding its own growth, allowing the net cash burn to be primarily focused on the Immune Medicine R&D pipeline.

• Reduce cash burn by 51% through the first nine months of 2025 versus the prior year.
• Achieve cash flow positivity in the MRD business in Q3 2025.
• Focus the remaining cash burn mostly on the Immune Medicine segment's R&D.

Finance: draft a sensitivity analysis on the gross margin impact of a 5% increase in sequencing reagent costs by next Tuesday.

Adaptive Biotechnologies Corporation (ADPT) - Canvas Business Model: Revenue Streams

The company's revenue streams are defintely bifurcated into two main engines: a dominant, high-growth diagnostic service line and a strategic, but less predictable, pharma collaboration line. You should think of this as a core service business funding a long-term drug discovery platform.

In the third quarter of 2025, Adaptive Biotechnologies reported total revenue of $94.0 million, a significant jump largely due to a one-time accounting event. Excluding that one-time factor, the core business still showed robust growth, delivering $60.2 million in the quarter. The Minimal Residual Disease (MRD) segment is the clear driver, achieving cash flow positivity ahead of schedule. That's a major milestone for a biotech growth story.

clonoSEQ Test Service Revenue (Minimal Residual Disease/MRD)

The clonoSEQ test is the foundation of the business, generating revenue from clinical testing fees paid by payers, hospitals, and patients. This is a true service-for-fee model, and its adoption is accelerating. The full-year 2025 MRD revenue guidance was recently raised to a range of $202 million to $207 million, reflecting annual growth between 39% and 42%.

The growth isn't just from volume; it's from better pricing, too. The U.S. clonoSEQ Average Selling Price (ASP) grew 28% year-over-year in Q3 2025 to over $1,340 per test, driven by better payer coverage and successful price increases. This is the kind of pricing power you want to see in a specialized diagnostic. The company delivered 27,111 clonoSEQ tests in Q3 2025 alone.

Pharma Collaboration and Immune Medicine Revenue

The second stream comes from partnerships, primarily with pharmaceutical companies who use Adaptive Biotechnologies' platform for drug development, clinical trials, and research. This revenue is less consistent, often tied to milestone payments, but it's crucial for validating the underlying technology. For the full year 2025, MRD milestone revenue is expected to be between $18 million and $19 million.

The Immune Medicine segment, which focuses on platform access and research agreements, is where the long-term potential lies, though its revenue contribution is currently smaller. In Q3 2025, the company recognized $33.7 million in Immune Medicine revenue from the full amortization of payments previously received under the terminated Genentech Agreement, which is why the total revenue number looks so large. Excluding that one-time item, the core Immune Medicine revenue was $3.4 million for the quarter. This segment has a healthy backlog of over $200 million, which acts as a future revenue buffer.

Here is the quick math on the Q3 2025 revenue breakdown:

Revenue Stream Component	Q3 2025 Revenue (in millions)	Notes
Total Reported Revenue	$94.0	102% increase year-over-year
clonoSEQ (MRD) Revenue	$56.8	52% year-over-year growth, 60% of total revenue (including Genentech)
MRD Pharma Milestone Revenue (Included in MRD Revenue)	$6.5	Recognized in Q3 2025
Immune Medicine Revenue (Genentech Amortization)	$33.7	One-time recognition upon full amortization of terminated agreement
Immune Medicine Revenue (Excluding Genentech)	$3.4	Core Immune Medicine revenue for the quarter
Net Income (GAAP)	$9.5	Primarily boosted by the Genentech amortization

What this estimate hides is the volatility of the collaboration revenue; while the MRD business is now cash flow positive, the overall company still leans on these partnerships to offset R&D costs in the Immune Medicine division. Still, the core diagnostic business is scaling well.

Key Revenue Stream Takeaways:

• Full year 2025 MRD revenue guidance is $202 million to $207 million.
• clonoSEQ test volume reached 27,111 in Q3 2025.
• Q3 2025 Net Income was $9.5 million, significantly boosted by Genentech amortization.
• MRD business achieved cash flow positivity in Q3 2025.