---
schema_version: "secwatch.filing_event.v1"
accession: "0001564590-22-031433"
form_type: "8-K"
ticker: "ADPT"
cik: "0001478320"
company_name: "Adaptive Biotechnologies Corp"
filed_at: "2022-09-12T23:59:59+00:00"
generated_at: "2026-06-23T10:58:24.854626+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Adaptive Biotechnologies secures up to $250M non-dilutive royalty financing from OrbiMed

## Summary
- Initial $125M tranche at closing; Adaptive may draw up to $75M more (by Sept 2025) and $50M for M&A (by Sept 2025).
- OrbiMed receives 5% of GAAP revenue (8% if second tranche drawn; 10% if all three drawn).
- Return cap: 165% of invested capital, increasing to 175% if full repayment not made by Sept 2032.
- Adaptive can repurchase revenue interests via call option; OrbiMed has put option on change of control, etc.
- Cash and marketable securities were >$450M at Q2 2022; financing extends runway for growth initiatives.

## SEC filing metadata
- accession: 0001564590-22-031433
- form_type: 8-K
- ticker: ADPT
- cik: 0001478320
- company_name: Adaptive Biotechnologies Corp
- filed_at: 2022-09-12T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1478320/000156459022031433/0001564590-22-031433-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1478320/000156459022031433/adpt-8k_20220912.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001564590-22-031433
- JSON: https://secwatch.observer/filing/0001564590-22-031433.json
- Plain text: https://secwatch.observer/filing/0001564590-22-031433.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.