Adaptive Biotechnologies Corporation (ADPT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la médecine de précision, Adaptive Biotechnologies Corporation (ADPT) émerge comme un pionnier révolutionnaire, transformant notre compréhension du système immunitaire humain par le biais d'une technologie d'immunosequençage de pointe. En tirant parti des méthodes de calcul avancées et des collaborations stratégiques avec des géants de la technologie comme Microsoft et les principales sociétés pharmaceutiques, ADPT redéfinit la façon dont nous détectons, surveillons et traitons potentiellement des conditions médicales complexes. Leur modèle commercial innovant intègre de manière transparente la recherche scientifique, l'innovation technologique et les solutions de soins de santé personnalisées, les positionnant à l'avant-garde d'une approche révolutionnaire pour comprendre la santé humaine au niveau moléculaire.

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: partenariats clés

Collaboration Microsoft

En janvier 2018, les biotechnologies adaptatives sont entrées dans une collaboration pluriannuelle avec Microsoft pour développer une plate-forme universelle pour la médecine immunitaire. En 2024, le partenariat implique:

• Développement conjoint de la technologie de profil immunitaire
• Utilisation de l'infrastructure cloud Microsoft Azure
• Appliquer l'apprentissage automatique à l'immunosequencing des données

Métrique de partenariat	Valeur spécifique
Date de collaboration initiale	Janvier 2018
Investissement de collaboration	45 millions de dollars

Partenariats des entreprises pharmaceutiques

Les biotechnologies adaptatives maintiennent des partenariats stratégiques avec plusieurs sociétés pharmaceutiques pour les essais cliniques et le développement de médicaments.

Partenaire pharmaceutique	Focus de la collaboration	Valeur du contrat
Genentech	Recherche de sclérose en plaques	22,5 millions de dollars
Bristol Myers Squibb	Immunothérapie en oncologie	35 millions de dollars

Établissements de recherche universitaire

Partenaires à la recherche collaborative avec les principaux établissements universitaires pour la validation technologique.

• Centre de recherche sur le cancer de Fred Hutchinson
• Université de Washington
• Département d'immunologie de l'Université de Stanford

Fournisseurs de technologies de santé

Partenariats d'intégration de diagnostic avec les sociétés de technologie de santé.

Fournisseur de technologie	Focus d'intégration
Illumina	Technologie de séquençage
Graal	Plateformes de détection de cancer

Biologie informatique et partenariats de l'IA

Collaborations stratégiques avec les sociétés de biologie informatique et d'intelligence artificielle.

• Google Cloud AI
• IBM Watson Health
• Nvidia AI Computing

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: activités clés

Développement de technologies de profilage et de séquençage immunitaire

Les biotechnologies adaptatives se concentrent sur les technologies avancées de séquençage immunitaire avec des mesures de recherche spécifiques:

Métrique technologique	Données quantitatives
Précision de la plate-forme d'immunosequencing	Taux de précision de 99,5%
Séquences de récepteurs immunitaires uniques analysés	Plus de 20 milliards de séquences
Recherche & Investissement en développement	184,3 millions de dollars en 2023

Recherche et innovation de la plateforme d'immunosequencing

Les principaux domaines d'innovation comprennent:

• Cartographie du répertoire immunitaire de nouvelle génération
• Développement d'algorithmes d'apprentissage automatique
• Technologies de séquençage à haut débit

Solutions de diagnostic clinique et de médecine de précision

Métriques de performance de la technologie diagnostique:

Catégorie de diagnostic	Métrique de performance
Test de diagnostic Clonoseq	FDA-HARRAD pour plusieurs applications de suivi du cancer
Détection minimale des maladies résiduelles	Sensibilité à la détection: 1 cellule cancéreuse par 10 000 cellules normales

Développement de la médecine immunitaire et des applications thérapeutiques

Portfolio de développement thérapeutique:

• Collaboration avec Microsoft pour le profil immunitaire basé sur l'IA
• Partenariats avec 5 grandes sociétés pharmaceutiques
• Essais cliniques actifs en immuno-oncologie

Bioinformatique et analyse des données pour la cartographie du répertoire immunitaire

Capacités de calcul:

Métrique de traitement des données	Mesure quantitative
Puissance de traitement informatique	Plus de 500 téraflops
Taille de la base de données du répertoire immunitaire	2,5 pétaoctets de données immunologiques
Modèles d'apprentissage automatique développés	37 modèles d'IA propriétaires

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: Ressources clés

Technologie d'immunosequençage propriétaire

Depuis le quatrième trimestre 2023, les biotechnologies adaptatives détient 72 brevets actifs liés à la technologie d'immunosequencing. La plate-forme propriétaire de la société traite et analyse les séquences des récepteurs des cellules T et des cellules B avec une précision de 99,9%.

Catégorie de brevet	Nombre de brevets	Focus technologique
Méthodes d'immunosequencing	38	Analyse des récepteurs des cellules T
Algorithmes informatiques	24	Cartographie du répertoire immunitaire
Applications de diagnostic clinique	10	Plateformes de détection de maladies

Base de données de données et de recherche immunologiques

Les biotechnologies adaptatives maintiennent une base de données immunologique complète contenant:

• Plus de 3,2 milliards de séquences de récepteurs des cellules T uniques
• Données cliniques de plus de 250 000 échantillons de patients
• Profils immunologiques dans plus de 50 états pathologiques

Capacités d'analyse computationnelles et axées sur l'IA

Investissement dans les infrastructures informatiques:

Ressource	Spécification	Investissement annuel
Informatique haute performance	500 Capacité de traitement de Petaflops	12,4 millions de dollars
Algorithmes d'apprentissage automatique	37 modèles de profil immunitaire spécialisés	8,7 millions de dollars

Talent scientifique et de recherche

Métriques du capital humain pour 2023:

• Total des employés: 731
• Rechercheurs au niveau du doctorat: 214 (29,3%)
• Expérience de recherche moyenne: 12,6 ans

Portefeuille de propriété intellectuelle

Dépression de la propriété intellectuelle en décembre 2023:

Catégorie IP	Actif total	Valeur estimée
Brevets accordés	72	186,5 millions de dollars
Demandes de brevet	43	62,3 millions de dollars
Secrets commerciaux	18	44,2 millions de dollars

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: propositions de valeur

Mappage innovant du système immunitaire et technologies de diagnostic

Les biotechnologies adaptatives ont développé le test Immunoseq, qui a traité plus de 1,2 million d'échantillons de répertoire immunitaire à partir de 2023. La technologie de séquençage immunitaire propriétaire de la société génère environ 124,7 millions de dollars de revenus annuels à partir d'applications de diagnostic et de recherche.

Métrique technologique	Valeur
Échantillons de répertoire immunitaire traités	1,2 million
Revenus technologiques annuels	124,7 millions de dollars
Partenariats de recherche	37 collaborations actives

Insistance à la santé personnalisée par l'analyse du répertoire immunitaire

La plate-forme d'analyse du répertoire immunitaire de la société fournit des informations moléculaires détaillées, avec 98,6% de précision dans l'identification des modèles de réponse immunitaire.

• Couverture de profilage moléculaire dans 12 catégories de maladies majeures
• Validation clinique dans plus de 275 publications évaluées par des pairs
• Points de données par analyse du répertoire immunitaire: 2,3 millions de séquences uniques

Capacités de détection et de surveillance des maladies précoces

Le test Clonoseq d'Adaptive a reçu une autorisation de la FDA pour plusieurs applications de surveillance du cancer, avec 98,3% de sensibilité dans la détection minimale des maladies résiduelles.

Métrique de détection de la maladie	Performance
Délies de la FDA	4 Applications distinctes de surveillance du cancer
Taux de sensibilité	98.3%
Volume de tests cliniques	53 000 échantillons de patients par an

Solutions de médecine de précision pour des conditions médicales complexes

La plateforme de médecine de précision de l'entreprise soutient le développement diagnostique dans plusieurs domaines thérapeutiques, générant 87,3 millions de dollars de revenus de collaboration stratégique en 2023.

• Zones thérapeutiques couvertes: oncologie, auto-immunes et maladies infectieuses
• Partenariats stratégiques avec 7 sociétés pharmaceutiques
• Investissement en R&D: 212,4 millions de dollars en 2023

Outils de recherche avancés pour la compréhension immunologique

Adaptive fournit des outils d'immunosequençage complets soutenant les initiatives de recherche mondiales, avec Données contribuant à plus de 850 publications scientifiques.

Métrique de l'outil de recherche	Valeur
Publications scientifiques	850+
Plateformes de recherche	3 technologies d'immunosequencing distinctes
Les institutions de recherche mondiales servaient	126 institutions

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service pour l'accès aux données

Adaptive Biotechnologies fournit une plate-forme d'analyseur Immunoseq avec les spécifications suivantes:

Fonctionnalité de plate-forme	Spécification
Accès aux utilisateurs	Interface Web
Capacité de stockage de données	Stockage de données immunoséquencing illimité
Outils de visualisation des données	Capacités de graphique et d'analyse interactives

Support scientifique et technique dédié

Adaptive Biotechnologies propose des canaux de support client spécialisés:

• Équipe de soutien scientifique dédiée avec doctorat. expertise de niveau
• Assistance technique 24/7 pour les clients de recherche
• Options directes de contacts par e-mail et par téléphone

Partenariats de recherche collaborative

Collaborations de recherche active à partir de 2024:

Type de partenaire	Nombre de partenariats actifs
Institutions universitaires	37
Sociétés pharmaceutiques	18
Organisations de recherche gouvernementale	12

Publications scientifiques régulières et partage des connaissances

Métriques de publication pour 2023:

• Publications évaluées par des pairs: 22
• Présentations de la conférence: 45
• Indice de citation: 3 750 citations totales

Formation client et ressources éducatives

Détails du programme de formation:

Type de ressource	Numéro disponible
Webinaires en ligne	24 par an
Vidéos de formation technique	87 au total
Guides de protocole scientifique	56 guides complets

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les prestataires de soins de santé

Depuis le quatrième trimestre 2023, les biotechnologies adaptatives maintiennent une équipe de vente directe dédiée de 87 professionnels ciblant spécifiquement les fournisseurs de soins de santé et les institutions de recherche.

Métriques de l'équipe de vente	2023 données
Représentants des ventes totales	87
Quota de vente annuel moyen par représentant	1,2 million de dollars
Couverture géographique	États-Unis et sélectionner les marchés internationaux

Plateformes scientifiques en ligne et portails Web

Les biotechnologies adaptatives exploitent les plateformes numériques pour la distribution des produits et la communication scientifique.

• Plateforme ImmunoseQuencing.com
• portail de diagnostic clonoseq.com
• Visiteurs de portail Web mensuel unique total: 42 500

Conférences médicales et symposiums scientifiques

Participation de la conférence	2023 statistiques
Les conférences totales ont assisté	23
Présentations scientifiques	37
Total des participants engagés	6,750

Marketing numérique et communication scientifique

Budget de marketing numérique pour 2023: 4,3 millions de dollars

• LinkedIn Scientific Network Reach: 125 000 abonnés
• Twitter Scientific Community Engagement: 78 000 abonnés
• Publication à comité de lecture Citations: 142

Partenariats stratégiques avec les établissements de santé

Type de partenariat	Nombre de partenariats
Établissements de recherche universitaire	19
Réseaux de recherche clinique	12
Collaborations pharmaceutiques	7

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: segments de clientèle

Laboratoires de recherche clinique

Depuis le quatrième trimestre 2023, les biotechnologies adaptatives servent environ 125 laboratoires de recherche clinique à l'échelle nationale.

Type de laboratoire	Nombre de clients actifs	Dépenses annuelles
Laboratoires cliniques à grande échelle	42	3,7 millions de dollars
Laboratoires cliniques de taille moyenne	83	1,2 million de dollars

Établissements de recherche universitaire et médicale

En 2023, ADPT s'est associé à 87 établissements de recherche universitaire et médicale.

• Les 10 principales universités de recherche représentent 45% des partenariats institutionnels
• Valeur de subvention moyenne: 620 000 $ par institution
• Institutions financées par les NIH: 63 sur 87

Sociétés pharmaceutiques et biotechnologiques

ADPT collabore avec 52 sociétés pharmaceutiques et biotechnologiques en 2024.

Taille de l'entreprise	Nombre de partenariats	Valeur de collaboration
Grandes sociétés pharmaceutiques	18	12,5 millions de dollars
Entreprises biotechnologiques de taille moyenne	34	5,3 millions de dollars

Praticiens de la médecine de précision

ADPT soutient 215 praticiens de médecine de précision à travers les États-Unis.

• Spécialistes en oncologie: 112
• Spécialistes de l'immunologie: 67
• Conseillers génétiques: 36

Centres de diagnostic des soins de santé

En 2024, ADPT dessert 93 centres de diagnostic de soins de santé.

Type de centre de diagnostic	Nombre de centres	Volume de test annuel
Centres hospitaliers	47	1,2 million de tests
Centres de diagnostic indépendants	46	680 000 tests

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Au cours de l'exercice 2023, les biotechnologies adaptatives ont déclaré des dépenses de R&D de 196,3 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage de revenus
2022	182,1 millions de dollars	78.4%
2023	196,3 millions de dollars	81.2%

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour les biotechnologies adaptatifs en 2023 étaient d'environ 45,7 millions de dollars.

• Infrastructure de cloud computing: 22,3 millions de dollars
• Maintenance matérielle et logicielle: 15,4 millions de dollars
• Systèmes de cybersécurité: 8 millions de dollars

Recrutement et rétention des talents scientifiques

Les dépenses du personnel en 2023 ont totalisé 127,6 millions de dollars, avec une allocation spécifique pour les talents scientifiques.

Catégorie de personnel	Nombre d'employés	Compensation moyenne
Chercheur	320	$245,000
Spécialistes de la bioinformatique	180	$215,000

Validation clinique et conformité réglementaire

Les frais de réglementation et de conformité pour 2023 étaient de 37,2 millions de dollars.

• Coûts de soumission de la FDA: 15,6 millions de dollars
• Dépenses des essais cliniques: 21,6 millions de dollars

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial en 2023 s'élevaient à 28,5 millions de dollars.

Canal de marketing	Frais
Marketing numérique	12,3 millions de dollars
Conférence et parrainage des événements	8,7 millions de dollars
Opérations de l'équipe de vente	7,5 millions de dollars

Adaptive Biotechnologies Corporation (ADPT) - Modèle d'entreprise: Strots de revenus

Ventes de kit de test de diagnostic

Au troisième trimestre 2023, les biotechnologies adaptatives ont rapporté des revenus de kit de test de diagnostic de 39,5 millions de dollars. Le test Immunoseq DX Covid-19 et les panneaux de diagnostic d'immunosequencage contribuent de manière significative à cette source de revenus.

Catégorie de produits	Revenus (T1 2023)	Croissance d'une année à l'autre
Tests de diagnostic Covid-19	18,2 millions de dollars	12.4%
Panneaux de diagnostic immunoséquencing	21,3 millions de dollars	17.6%

Licence de plateforme d'immunosequencing

Les revenus de licence pour la plateforme d'immunosequencing ont atteint 12,7 millions de dollars en 2023, avec des partenariats clés, notamment:

• Collaboration Microsoft Research
• Bristol Myers Squibb Partnership
• Accords de licence de recherche pharmaceutique

Abonnements à outil de recherche

Les revenus d'abonnement à l'outil de recherche ont totalisé 8,3 millions de dollars en 2023, avec Institutions de recherche académique et pharmaceutique en tant que clients principaux.

Niveau d'abonnement	Revenus annuels	Nombre d'abonnés
Basique académique	3,2 millions de dollars	127 institutions
Recherche pharmaceutique	5,1 millions de dollars	42 organisations de recherche

Partenariats de recherche collaborative

Les revenus de partenariat de recherche en collaboration ont été de 15,6 millions de dollars en 2023, avec des contributions importantes de:

• Collaboration de recherche en oncologie de Genentech
• Subventions de recherche sur l'immunologie du NIH
• Programmes de recherche sur l'immunothérapie contre le cancer

Services d'analyse et d'interprétation des données

Les services de données ont généré 6,9 millions de dollars de revenus, en se concentrant sur l'interprétation avancée des données par immunosequençage pour les applications cliniques et de recherche.

Catégorie de service	Revenu	Clients principaux
Analyse des données cliniques	4,2 millions de dollars	Fournisseurs de soins de santé
Interprétation des données de recherche	2,7 millions de dollars	Institutions de recherche

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.