secwatch.observer — SEC 8-K summary
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Issuer:     Adaptive Biotechnologies Corp (ADPT)
CIK:        0001478320
Form:       8-K
Filed at:   2026-06-15T20:15:51+00:00
Accession:  0001193125-26-271117
Event type: other_material
Sentiment:  neutral
Materiality: 0.80
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Adaptive Biotechnologies proposes $250M notes offering, plans MRD/Immune Medicine separation
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- Intends to issue $250M convertible senior notes due 2031 (plus $37.5M option) to qualified institutional buyers.
- Proceeds to repay OrbiMed Purchase Agreement (~$156.9M), repurchase up to $25M stock, and fund capped calls.
- Plans to separate MRD and Immune Medicine businesses; expects to identify preferred path by year-end 2026.
- MRD revenue grew to $212M in 2025 (from $103M in 2023), with $15M adjusted EBITDA.
- Immune Medicine has over 6M functional TCR-antigen pairs and data on 10,000+ patients; evaluating alternatives.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1478320/000119312526271117/0001193125-26-271117-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1478320/000119312526271117/d65233d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-271117

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer