Adaptive Biotechnologies Corporation (ADPT): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da medicina de precisão, a Adaptive Biotechnologies Corporation (ADPT) surge como um pioneiro inovador, transformando nossa compreensão do sistema imunológico humano por meio da tecnologia de imunoSequencing de ponta. Ao alavancar métodos computacionais avançados e colaborações estratégicas com gigantes da tecnologia como a Microsoft e as principais empresas farmacêuticas, o ADPT está redefinindo como detectamos, monitoramos e potencialmente tratamos condições médicas complexas. Seu modelo inovador de negócios integra perfeitamente pesquisas científicas, inovação tecnológica e soluções personalizadas de assistência médica, posicionando -as na vanguarda de uma abordagem revolucionária para entender a saúde humana no nível molecular.

Adaptive Biotechnologies Corporation (ADPT) - Modelo de negócios: Parcerias -chave

Colaboração da Microsoft

Em janeiro de 2018, as biotecnologias adaptativas entraram em uma colaboração de vários anos com a Microsoft para desenvolver uma plataforma universal para a Medicina Imune. A partir de 2024, a parceria envolve:

• Desenvolvimento conjunto da tecnologia de perfil imune
• Utilizando a infraestrutura em nuvem do Microsoft Azure
• Aplicando aprendizado de máquina aos dados de imunoSequecing

Métrica de Parceria	Valor específico
Data de colaboração inicial	Janeiro de 2018
Investimento de colaboração	US $ 45 milhões

Parcerias da empresa farmacêutica

A biotecnologias adaptativas mantém parcerias estratégicas com várias empresas farmacêuticas para ensaios clínicos e desenvolvimento de medicamentos.

Parceiro farmacêutico	Foco de colaboração	Valor do contrato
Genentech	Pesquisa de esclerose múltipla	US $ 22,5 milhões
Bristol Myers Squibb	Imunoterapia oncológica	US $ 35 milhões

Instituições de pesquisa acadêmica

Parcerias de pesquisa colaborativa com as principais instituições acadêmicas para validação de tecnologia.

• Fred Hutchinson Cancer Research Center
• Universidade de Washington
• Departamento de Imunologia da Universidade de Stanford

Provedores de tecnologia de saúde

Parcerias de integração de diagnóstico com empresas de tecnologia da saúde.

Provedor de tecnologia	Foco de integração
Ilumina	Tecnologia de sequenciamento
Grail	Plataformas de detecção de câncer

Biologia computacional e parcerias de IA

Colaborações estratégicas com biologia computacional e empresas de inteligência artificial.

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

Adaptive Biotechnologies Corporation (ADPT) - Modelo de negócios: Atividades -chave

Desenvolvimento de perfil imunológico e sequenciamento

A biotecnologias adaptativas se concentra em tecnologias avançadas de sequenciamento imune com métricas de pesquisa específicas:

Métrica de tecnologia	Dados quantitativos
Precisão da plataforma de imunoSequencing	99,5% de taxa de precisão
Sequências de receptores imunes exclusivos analisados	Mais de 20 bilhões de sequências
Pesquisar & Investimento em desenvolvimento	US $ 184,3 milhões em 2023

Pesquisa e inovação da plataforma de imunoSequencing

As principais áreas de inovação incluem:

• Mapeamento de repertório imune da próxima geração
• Desenvolvimento de algoritmo de aprendizado de máquina
• Tecnologias de sequenciamento de alto rendimento

Soluções de diagnóstico clínico e medicina de precisão

Métricas de desempenho de tecnologia de diagnóstico:

Categoria de diagnóstico	Métrica de desempenho
Teste de diagnóstico de Clonoseq	FDA Cleared para múltiplos aplicativos de rastreamento de câncer
Detecção de doenças residuais mínimas	Sensibilidade à detecção: 1 célula de câncer por 10.000 células normais

Desenvolvimento de medicina imune e aplicações terapêuticas

Portfólio de desenvolvimento terapêutico:

• Colaboração com a Microsoft para perfil imunológico acionado por IA
• Parcerias com 5 principais empresas farmacêuticas
• Ensaios clínicos ativos em imuno-oncologia

Bioinformática e análise de dados para mapeamento de repertório imune

Capacidades computacionais:

Métrica de processamento de dados	Medição quantitativa
Poder de processamento computacional	Mais de 500 teraflops
Tamanho do banco de dados de repertório imune	2.5 Petabytes de dados imunológicos
Modelos de aprendizado de máquina desenvolvidos	37 modelos de IA proprietários

Adaptive Biotechnologies Corporation (ADPT) - Modelo de negócios: Recursos -chave

Tecnologia proprietária de imunoSequecing

A partir do quarto trimestre de 2023, as biotecnologias adaptativas possuem 72 patentes ativas relacionadas à tecnologia de imunoSequência. A plataforma proprietária da empresa processa e analisa seqüências de receptores de células T e células B com precisão de 99,9%.

Categoria de patentes	Número de patentes	Foco em tecnologia
Métodos de imunoSequecing	38	Análise do receptor de células T.
Algoritmos computacionais	24	Mapeamento de repertório imune
Aplicações de diagnóstico clínico	10	Plataformas de detecção de doenças

Dados imunológicos e banco de dados de pesquisa

Biotecnologias adaptativas mantém um banco de dados imunológico abrangente contendo:

• Mais de 3,2 bilhões de seqüências únicas de receptores de células T
• Dados clínicos de mais de 250.000 amostras de pacientes
• Perfis imunológicos em mais de 50 estados de doenças

Recursos de análise computacional e orientados a IA

Investimento em infraestrutura computacional:

Recurso	Especificação	Investimento anual
Computação de alto desempenho	500 PETAFLOPS CAPACIDADE	US $ 12,4 milhões
Algoritmos de aprendizado de máquina	37 modelos especializados de perfil imunológico	US $ 8,7 milhões

Talento científico e de pesquisa

Métricas de capital humano para 2023:

• Total de funcionários: 731
• Pesquisadores no nível de doutorado: 214 (29,3%)
• Experiência média de pesquisa: 12,6 anos

Portfólio de propriedade intelectual

Avaria da propriedade intelectual em dezembro de 2023:

Categoria IP	Total de ativos	Valor estimado
Patentes concedidas	72	US $ 186,5 milhões
Aplicações de patentes	43	US $ 62,3 milhões
Segredos comerciais	18	US $ 44,2 milhões

Adaptive Biotechnologies Corporation (ADPT) - Modelo de negócios: proposições de valor

Mapeamento inovador de sistema imunológico e tecnologias de diagnóstico

As biotecnologias adaptativas desenvolveram o ensaio Immunoseq, que processou mais de 1,2 milhão de amostras de repertório imune a partir de 2023. A tecnologia proprietária de sequenciamento imune proprietário gera aproximadamente US $ 124,7 milhões em receita anual de aplicações de diagnóstico e pesquisa.

Métrica de tecnologia	Valor
Amostras de repertório imune processado	1,2 milhão
Receita anual de tecnologia	US $ 124,7 milhões
Parcerias de pesquisa	37 colaborações ativas

Insights de saúde personalizados através da análise de repertório imune

A plataforma de análise de repertório imune da empresa fornece informações moleculares detalhadas, com 98,6% de precisão na identificação de padrões de resposta imune.

• Cobertura de perfil molecular em 12 principais categorias de doenças
• Validação clínica em mais de 275 publicações revisadas por pares
• Pontos de dados por repertório imune Análise: 2,3 milhões de seqüências únicas

Capacidades precoces de detecção e monitoramento de doenças

O ensaio Clonoseq da Adaptive recebeu autorização da FDA para múltiplas aplicações de monitoramento de câncer, com 98,3% de sensibilidade na detecção mínima de doenças residuais.

Métrica de detecção de doenças	Desempenho
Folga da FDA	4 Aplicações distintas de monitoramento de câncer
Taxa de sensibilidade	98.3%
Volume de teste clínico	53.000 amostras de pacientes anualmente

Precision Medicine Solutions para condições médicas complexas

A plataforma de medicina de precisão da empresa suporta desenvolvimento de diagnóstico em várias áreas terapêuticas, gerando US $ 87,3 milhões em receitas estratégicas de colaboração em 2023.

• Áreas terapêuticas cobertas: oncologia, autoimune, doenças infecciosas
• Parcerias estratégicas com 7 empresas farmacêuticas
• Investimento de P&D: US $ 212,4 milhões em 2023

Ferramentas de pesquisa avançadas para entendimento imunológico

O Adaptive fornece ferramentas abrangentes de imunoSequencing que suportam iniciativas de pesquisa global, com dados que contribuem para mais de 850 publicações científicas.

Métrica da ferramenta de pesquisa	Valor
Publicações científicas	850+
Plataformas de pesquisa	3 tecnologias distintas de imunoSequencing
Instituições de pesquisa globais servidas	126 instituições

Adaptive Biotechnologies Corporation (ADPT) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento para acesso a dados

Biotecnologias adaptativas fornecem a plataforma do analisador imunoSeq com as seguintes especificações:

Recurso da plataforma	Especificação
Acesso ao usuário	Interface baseada na Web
Capacidade de armazenamento de dados	Armazenamento de dados de imunoSequencing ilimitado
Ferramentas de visualização de dados	Recursos de gráfico e análise interativos

Suporte científico e técnico dedicado

Biotecnologias adaptativas oferece canais especializados de suporte ao cliente:

• Equipe de apoio científico dedicado com Ph.D. conhecimento de nível
• Vista técnica 24/7 para clientes de pesquisa
• Opções de contato direto de e -mail e telefone

Parcerias de pesquisa colaborativa

Colaborações de pesquisa ativa em 2024:

Tipo de parceiro	Número de parcerias ativas
Instituições acadêmicas	37
Empresas farmacêuticas	18
Organizações de pesquisa governamental	12

Publicações científicas regulares e compartilhamento de conhecimento

Métricas de publicação para 2023:

• Publicações revisadas por pares: 22
• Apresentações da conferência: 45
• Índice de Citação: 3.750 citações totais

Treinamento do cliente e recursos educacionais

Detalhes do programa de treinamento:

Tipo de recurso	Número disponível
Webinars online	24 por ano
Vídeos de treinamento técnico	87 TOTAL
Guias de protocolo científico	56 guias abrangentes

Adaptive Biotechnologies Corporation (ADPT) - Modelo de Negócios: Canais

Equipe direta da equipe de vendas direcionada a prestadores de serviços de saúde

A partir do quarto trimestre 2023, as biotecnologias adaptativas mantêm uma equipe de vendas direta dedicada de 87 profissionais direcionados especificamente a prestadores de serviços de saúde e instituições de pesquisa.

Métricas da equipe de vendas	2023 dados
Total de representantes de vendas	87
Cota média de vendas anual por representante	US $ 1,2 milhão
Cobertura geográfica	Estados Unidos e mercados internacionais selecionados

Plataformas científicas on -line e portais da web

A biotecnologias adaptativas aproveita as plataformas digitais para distribuição de produtos e comunicação científica.

• Plataforma imuNoseQuencing.com
• portal de diagnóstico clonoseq.com
• Total exclusivo de visitantes mensais do portal da web: 42.500

Conferências médicas e simpósios científicos

Participação da conferência	2023 Estatísticas
As conferências totais compareceram	23
Apresentações científicas	37
Total de participantes envolvidos	6,750

Marketing digital e comunicação científica

Orçamento de marketing digital para 2023: US $ 4,3 milhões

• Alcance da rede científica do LinkedIn: 125.000 seguidores
• Twitter Scientific Community Engagement: 78.000 seguidores
• Citações de publicação revisadas por pares: 142

Parcerias estratégicas com instituições de saúde

Tipo de parceria	Número de parcerias
Instituições de pesquisa acadêmica	19
Redes de pesquisa clínica	12
Colaborações farmacêuticas	7

Adaptive Biotechnologies Corporation (ADPT) - Modelo de negócios: segmentos de clientes

Laboratórios de Pesquisa Clínica

A partir do quarto trimestre de 2023, as biotecnologias adaptativas atendem a aproximadamente 125 laboratórios de pesquisa clínica em todo o país.

Tipo de laboratório	Número de clientes ativos	Gastos anuais
Laboratórios clínicos em larga escala	42	US $ 3,7 milhões
Laboratórios clínicos de tamanho médio	83	US $ 1,2 milhão

Instituições de pesquisa acadêmica e médica

Em 2023, a ADPT fez parceria com 87 instituições de pesquisa acadêmica e médica.

• As 10 principais universidades de pesquisa representam 45% das parcerias institucionais
• Valor médio de concessão de pesquisa: US $ 620.000 por instituição
• Instituições financiadas pelo NIH: 63 de 87

Empresas farmacêuticas e de biotecnologia

O ADPT colabora com 52 empresas farmacêuticas e de biotecnologia em 2024.

Tamanho da empresa	Número de parcerias	Valor de colaboração
Grandes empresas farmacêuticas	18	US $ 12,5 milhões
Empresas de biotecnologia de médio porte	34	US $ 5,3 milhões

Profissionais de Medicina de Precisão

O ADPT suporta 215 profissionais de medicina de precisão nos Estados Unidos.

• Especialistas em oncologia: 112
• Especialistas em imunologia: 67
• Conselheiros genéticos: 36

Centros de diagnóstico de assistência médica

Em 2024, o ADPT atende 93 centros de diagnóstico de saúde.

Tipo central de diagnóstico	Número de centros	Volume de teste anual
Centros hospitalares	47	1,2 milhão de testes
Centros de diagnóstico independentes	46	680.000 testes

Adaptive Biotechnologies Corporation (ADPT) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

No ano fiscal de 2023, biotecnologias adaptativas reportaram despesas de P&D de US $ 196,3 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 182,1 milhões	78.4%
2023	US $ 196,3 milhões	81.2%

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura tecnológica para biotecnologias adaptativas em 2023 foram de aproximadamente US $ 45,7 milhões.

• Infraestrutura de computação em nuvem: US $ 22,3 milhões
• Manutenção de hardware e software: US $ 15,4 milhões
• Sistemas de segurança cibernética: US $ 8 milhões

Recrutamento e retenção de talentos científicos

As despesas com pessoal em 2023 totalizaram US $ 127,6 milhões, com alocação específica para talentos científicos.

Categoria de pessoal	Número de funcionários	Compensação média
Cientistas de pesquisa	320	$245,000
Especialistas em bioinformática	180	$215,000

Validação clínica e conformidade regulatória

As despesas regulatórias e de conformidade em 2023 foram de US $ 37,2 milhões.

• Custos de envio da FDA: US $ 15,6 milhões
• Despesas de ensaios clínicos: US $ 21,6 milhões

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios em 2023 totalizaram US $ 28,5 milhões.

Canal de marketing	Despesa
Marketing digital	US $ 12,3 milhões
Patrocínio de conferência e evento	US $ 8,7 milhões
Operações da equipe de vendas	US $ 7,5 milhões

Adaptive Biotechnologies Corporation (ADPT) - Modelo de negócios: fluxos de receita

Vendas de kit de teste de diagnóstico

No terceiro trimestre de 2023, biotecnologias adaptativas relataram receita de kit de teste de diagnóstico de US $ 39,5 milhões. O teste ImmuNoseq DX CoVID-19 e os painéis de diagnóstico de imunoSeqüencian contribuem significativamente para esse fluxo de receita.

Categoria de produto	Receita (Q3 2023)	Crescimento ano a ano
Testes de diagnóstico Covid-19	US $ 18,2 milhões	12.4%
Painéis de diagnóstico de imusosequencing	US $ 21,3 milhões	17.6%

Licensagem da plataforma de imunoSequencing

A receita de licenciamento para a plataforma de imunoSequecing atingiu US $ 12,7 milhões em 2023, com parcerias importantes, incluindo:

• Colaboração da Microsoft Research
• Parceria Bristol Myers Squibb
• Acordos de licenciamento de pesquisa farmacêutica

Assinaturas da ferramenta de pesquisa

A receita de assinatura da ferramenta de pesquisa totalizou US $ 8,3 milhões em 2023, com Instituições de pesquisa acadêmica e farmacêutica como clientes primários.

Camada de assinatura	Receita anual	Número de assinantes
Basic acadêmico	US $ 3,2 milhões	127 instituições
Pesquisa farmacêutica	US $ 5,1 milhões	42 organizações de pesquisa

Parcerias de pesquisa colaborativa

As receitas de parceria de pesquisa colaborativa foram de US $ 15,6 milhões em 2023, com contribuições significativas de:

• Colaboração de pesquisa de oncologia da Genentech
• Subsídios de pesquisa de imunologia do NIH
• Programas de pesquisa de imunoterapia ao câncer

Análise de dados e serviços de interpretação

Os serviços de dados geraram US $ 6,9 milhões em receita, com foco na interpretação avançada de dados da imunoSequencing para aplicações clínicas e de pesquisa.

Categoria de serviço	Receita	Clientes principais
Análise de dados clínicos	US $ 4,2 milhões	Provedores de saúde
Interpretação de dados de pesquisa	US $ 2,7 milhões	Instituições de pesquisa

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.