UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.02 | Termination of Material Definitive Agreement. |
On August 13, 2025, the Strategic Collaboration and License Agreement between Adaptive Biotechnologies Corporation (“Adaptive”) and Genentech, Inc. (“Genentech”), dated as of December 19, 2018 (the “Agreement”), was terminated, with termination effective February 9, 2026. Adaptive and Genentech entered into the Agreement in 2018 to collaborate on research and development of certain cancer cell therapy products.
The parties will wind down activities under the Agreement. Upon termination, Adaptive will be released from exclusivity obligations with respect to cell therapies in oncology.
As a result of the termination, Adaptive expects to recognize $33.7 million during the second half of 2025 in non-cash revenue from the remaining amortization of the cash consideration received under the Agreement.
Adaptive’s ongoing Immune Medicine programs and financial goals continue to focus on: (i) developing and deploying digital TCR-antigen prediction models that enable novel immunology applications and partnering opportunities; (ii) developing a pre-clinical data package for the lead T-cell depletion program in autoimmunity; and (iii) achieving the fiscal year 2025 Immune Medicine cash burn target of $25–$30 million.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Adaptive Biotechnologies Corporation | ||||||
| Date: August 18, 2025 | By: | /s/ Kyle Piskel | ||||
| Kyle Piskel Chief Financial Officer | ||||||