debt_leverage_profile
0.02x Total Debt / Equity (Conservative)
High
SEC-XBRL
interest_rate_sensitivity
Low direct sensitivity; minimal long-term debt, ~$300M cash runway, but rising rates increase hurdle rate for biotech equity funding rounds
Inferred
Agent_Inference
geopolitical_supply_exposure
Low intensity; China and India supply >60% of global API inputs, creating concentration risk.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Illumina sequencing monopoly for NGS reagents/instruments; specialized T-cell receptor reagent suppliers concentrated in US/EU
Inferred
Agent_Inference
international_expansion_readiness
Minimal international revenue (<10% of total); EUR exposure via Genentech/Roche partnership activities; limited sovereign FX devaluation risk currently
Inferred
Agent_Inference
geographic_footprint
Predominantly US-based revenue; EUR secondary via pharma partnerships; negligible direct exposure to EM currency devaluation in top markets
Inferred
Agent_Inference
commodity_exposure_profile
Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
Illumina represents non-substitutable >30% operational input dependency for sequencing infrastructure; no viable near-term alternative at scale
Inferred
Agent_Inference
business_model_type_primary
Cloud disruption would severely impair bioinformatics pipeline and TCR database operations; estimated 6-12 month recovery window given data complexity
Inferred
Agent_Inference
business_model_type_secondary
Secondary SaaS/platform licensing model via immune medicine database; cloud termination would disrupt partner API access and clinical reporting pipelines
Inferred
Agent_Inference
switching_cost_profile
High API coupling risk; Genentech and pharma partners deeply integrated into proprietary immunoSEQ and clonoSEQ workflows with custom data pipelines
Inferred
Agent_Inference
howey_test_risk_index
Low Howey risk; revenue from diagnostic tests and pharma R&D contracts constitutes services/goods, not investment contracts; no token or profit-sharing structure
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Moderate GDPR exposure via genomic/immune data from EU clinical trials; CCPA applicable to California patient data; genomic data classification elevates compliance burden
Inferred
Agent_Inference
antitrust_exposure_flag
Low current antitrust risk; niche immunomics market with no dominant market share; Genentech partnership not exclusive across all indications
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~60% recurring via multi-year pharma platform access fees and clonoSEQ MRD testing volume; ~40% transactional milestone and sequencing service revenue
Inferred
Agent_Inference
monetization_vector
Dual vector: per-test diagnostic billing (clonoSEQ MRD) plus pharma platform access fees and R&D collaboration milestone payments
Inferred
Agent_Inference
pricing_architecture
Per-test pricing (~$2,500-$3,500 per clonoSEQ test) plus tiered platform licensing; vulnerable to payer reimbursement compression and CMS coverage decisions
Inferred
Agent_Inference
pricing_power_rating
Moderate; FDA-cleared MRD test with clinical differentiation supports pricing, but payer pushback and competitor entry (Invivoscribe, ArcherDX) cap upside
Inferred
Agent_Inference
target_gross_margin_bracket
Reported ~45-55% gross margin; sequencing cost drag limits biotech-typical 70%+ margins; scale-up could push toward 65% as fixed costs amortize
Inferred
Agent_Inference
churn_vulnerability_index
Low free-rider risk; proprietary immunoSEQ database requires paid access; pharma partners cannot replicate TCR reference dataset independently
Inferred
Agent_Inference
headcount_cost_structure
Sublinear but not highly scalable; bioinformatics and lab operations require meaningful headcount scaling; doubling revenue requires ~60-70% headcount increase
Inferred
Agent_Inference
marginal_cost_of_growth
Moderate marginal cost; sequencing reagent costs decline with volume but lab infrastructure and data science talent remain significant growth cost drivers
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; no franchise network structure
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, CAC efficiency improves via pharma partnership leverage; however, oncology test reimbursement bottlenecks and sales force scaling constrain economics
Inferred
Agent_Inference
network_effect_present
Strong data network effect; larger TCR database increases diagnostic accuracy and pharma utility, creating defensible moat against new entrants
Inferred
Agent_Inference
asset_efficiency_ratio
-11.6% Return on Assets (Negative equity)
High
SEC-XBRL
recession_resistance_tier
Moderate resilience; clonoSEQ MRD testing tied to cancer treatment protocols (non-discretionary), but pharma R&D budgets may compress in deep recession
Inferred
Agent_Inference
customer_segment_primary
Large pharma/biotech companies (Genentech anchor); top-3 partners likely represent 50%+ of platform revenue, indicating high concentration risk
Inferred
Agent_Inference
customer_segment_secondary
Oncology hematology clinics and academic medical centers for clonoSEQ MRD diagnostics; fragmented base reduces concentration but increases sales complexity
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.32 (HIL — ~32% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
1.1% CapEx / Revenue (Low-CapEx Asset-Light)
High
SEC-XBRL
sec_cik
0001478320
High
SEC-EDGAR
ticker
ADPT
High
SEC-EDGAR