secwatch.observer — SEC 8-K summary
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Issuer:     Adaptive Biotechnologies Corp (ADPT)
CIK:        0001478320
Form:       8-K
Filed at:   2022-09-12T23:59:59+00:00
Accession:  0001564590-22-031433
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1478320/000156459022031433/0001564590-22-031433-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1478320/000156459022031433/adpt-8k_20220912.htm
  HTML page:      https://secwatch.observer/filing/0001564590-22-031433

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